New Tougher Mortgage Rules Are Here!

October 21st, 2016

As of October 17, 2016, all mortgages with less than 20% down will be qualified at the Bank Of Canada posted 5-year mortgage rate (currently 4.64%). Previously longer term fixed mortgages (mortgages with a fixed term of 5-year or longer) were qualified at the actual contract rate. This will effect the housing sub-market for first-time home buyers (ie condos).