We originally let you know in April 2021 that the mortgage stress test was going to be increasing for uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that as of June 1, 2021 all uninsured mortgages will be qualified at a minimum rate of 5.25%.
Jan 07 2016
No one likes change, especially future homeowners as the change relates to the mortgage rules. Every time the rules change, they only seem to make it harder & harder for folks to qualify. Well in my humble opinion, the latest change announced by the Finance Minister in December could have been more massive.
The Finance Minister Bill Morneau announced that for properties between $500,000 and $1 million, those of you getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price if you max out at the 1.0 million mark.