News Flash: Changes to Canada’s Housing Rules Announced. Will this affect your upcoming mortgage renewal or your next home purchase? On Monday, October 3rd, Finance Minister Bill Morneau announced four major changes to Canada’s housing rules. If you are buying or selling this fall or upcoming winter or have a mortgage up for renewal, this could affect you. Stress Test Will be Required For ALL Insured Mortgages: As of October 17, 2016, “a stress test for approving high-ratio mortgages will be applied to all new insured mortgages - including those where the buyer has more than 20% for a down payment,” writes Bill Curry, Globe and Mail. Current rules define a high ratio mortgage as one where the buyer has between 5-20% down payment . . .
Interest rates have NO change, as per Bank of Canada. Great! Buy or sell your house in Toronto! Interest rates are to remain at 0.5%, announced the Bank of Canada on Wednesday, April 13, 2016. As per CBC Business News on Wednesday, April 13th, “In January, Canada's gross domestic product grew by its biggest amount in more than two years, official data showed last month. That helps explain the new cautiously optimistic outlook from the central bank's decision-makers.” What does this mean for you, as a buyer or seller, in Toronto? In our professional opinion, it is still a great time to sell and to buy in Toronto. Great mortgage rates are to be had for fixed or variable mortgages and lenders are lending. Having a good . . .