Valuable information for prospective homebuyers
Canada’s new mortgage qualification rules and how they could affect you
On Jan. 1, 2018, new mortgage rules came into effect. Under the new rules, Canadian mortgages are subject to stricter qualifying criteria. Ultimately, this means some buyers will have to settle for less expensive homes than they could have qualified for prior to the rule change – up to 20 per cent cheaper in some cases.
All homebuyers must now go through the mortgage stress test: