As of June 1st. 2021, if you’re looking to qualify for mortgage financing (either uninsured or insured), you will have to qualify at the greater of the contract rate plus 2% or a new “floor rate” of 5.25%.
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BREAKING NEWS: POTENTIAL STRESS TEST CHANGES
The Office of the Superintendent of Financial Institutions (OSFI) announced yesterday that they would be opening consultations on a proposal for a revised mortgage “stress test” on uninsured mortgages.
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