Sometime over the next week to 10 days the obvious will become reality! The long-anticipated mortgage rule changes will be introduced Canada day weekend.
The changes will include credit ratings being raised to 680, versus the present 600.
Gross debt service ratios will be lowered to 35% & total debt service can not exceed 42%.
Could raising the minimum down-payment to 10% be next?
This subtle but important change could create consequential re-balancing effects upon the Real Estate market. Most specifically, upon the urban markets of Montreal, Toronto & Vancouver.
This critical lending criteria is a real game changer. Rest assured, it is being discussed at all levels of the lending community.
Speaking with our experienced teams of realtors & appraisers is complimentary, if you have any other questions.