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Tuesday, August 24, 2021 - Update to Canada's Mortgage Qualifying Rules Explained

Earlier this summer, new changes were announced for the federal mortgage stress test, shifting the ground again in terms of how much house new and seasoned home buyers are qualified to purchase.  In April, Canada?s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), proposed an increase for the stress test?s minimum qualifying rate on uninsured mortgages. This raised the previous rate from 4.79% to its current value of 5.25%. As of June 1, 2021, the new ...
posted in home tips at Tue, 24 Aug 2021 20:52:18 +0000

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