The Government of Canada is changing mortgage rules so Canadians will be able to afford their mortgages if rates increase in the future.
As of October 17th, 2016, this applies to high-ratio mortgages (down payment is less than 20% down). Starting November 30th, 2016 this same rule will apply to conventional mortgages as well (20% down payment).
Illustrative purposes only. Contact True North Mortgage today to learn about your available options. The new rule changes after November 30th will impact the amount you can qualify for with Monoline lenders, that typically offer the lowest rates and most flexible terms. These new rules won't effect the Big Banks. This data should not be relied upon without contacting your True North Mortgage Broker.
Note: Rules and guidelines are subject to change. Please inquire within.