If you are considering a home purchase, read on!
Just when you think home affordability in Canada begins to get easier, there are new mortgage tightening rules; the Finance Minister announced that come October 17, 2016 it’s going to be a bit tougher to qualify for financing. The new qualifying rate will be 4.6% which is 2.25% ABOVE current current qualification rates.
This could mean a 20% reduction in your purchasing power.
Bottom -line if you qualify for max $500,000 today,
after October 17th you’ll qualify for max $400,000.
What to do to accommodate these new mortgage rules to qualify?
Contact your financial advisor or I’d be happy to help: www.bmccallum.com
Here are some articles & videos on this topic: