Quote:
Originally Posted by OMG!WTF!
Well, here's a prediction...
http://www.huffingtonpost.ca/2017/10...ng_a_23249035/
I'm surprised the new mortgage rules haven't been mentioned much yet. This seems like a big big change to me. Even if you have over 20% down, you still have to qualify at 2% higher than BOC rates. |
Just to clarify - it’s either the BoC benchmark rate (currently 4.89%) or the contract rate + 2%; whichever is higher. With most uninsured rates being around 3.39% right now, putting 20% down will actually force you to qualify at a higher rate than if you were to put less than 20%. It’s a puzzling implementation.