Quote:
Originally Posted by PaperBagger'14
Wow, my girlfriend and I couldn't have timed a house purchase better. We have 2.39% with a ~20% down payment. That combined with financial analyst reports saying Alberta is now at rock bottom makes me feel great about this purchase.
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The changes won't impact your actual interest rate, only the interest rate used when calculating what you can qualify for.
So for example, if you purchase a place after this goes into effect, your 5-year fixed rate may still be that 2.39%, but when qualifying your debt-to-income (aka GDS/TDS), the Bank of Canada rate of 4.64% currently will be used as opposed to your actual contract rate of 2.39%. You will only be paying interest at 2.39% throughout the term though.