Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say - Global News Mar 2nd

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Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th

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How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th

Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you. Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they can afford monthly mortgage payment based on a rate equal to the weekly median 5-year fixed insured mortgage rate plus 2%. The Department of Finance confirmed that rate would currently equal 4.89%, 30 […]

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