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Market Update

Finance Minister Bill Morneau announced new rules at a speech in Toronto on Monday which took aim at limiting foreign money into Canadian real estate.  Ottawa also wants to ensure that Canadians take on mortgages that they can afford by implementing a “stress test” for insured mortgages.

 

What does this mean to you, the consumer?

Effectively, that means borrowers will be tested against their ability to pay their mortgage if actual rates were as high as the Bank of Canada's benchmark five-year mortgage rate, which is currently 4.64 per cent.

That requirement was already in place for many borrowers, including so-called "high-ratio" mortgages for people with small down payments, and borrowers who borrowed money on terms of less than five years. From now on, any insured mortgages will be tested against that higher bar. Anyone who already has a mortgage, or who has already applied for mortgage insurance, is exempt from the new rules, which will formally kick in on Oct. 17.

If you are in the market for a home, or need to refinance in the next year, it is really important to make an appointment today to find out how these changes may affect you.