Effective January 1, 2018, it will be tougher for home buyers putting more than 20% down to qualify for a mortgage.
In an effort to ensure Canadians can afford their homes, the new mortgage lending regulations will implement a financial 'stress test' for buyers with uninsured mortgages.
This means they will have to qualify at the Bank of Canada 5 year posted rate, essentially effecting how much they can afford to buy.
If you've been on the fence about purchasing with an uninsured mortgage, you may want to consider buying before the end of the year.
For full details, read the Financial Post article here: http://bit.ly/2zvaNcA or contact me for full details.