4 Dec

Changes to Conventional Mortgages

General

Posted by: KariAnn Wenzel

Effective January 1, 2018, borrowers with 20% down or more will have to undergo a “stress test” when qualifying for a mortgage. Borrowers will need to qualify at the greater of the contract rate plus 2% or the benchmark rate as by the Bank of Canada.  The chart below shows the impact to borrowers.