Chris Ball

Personal Real Estate Corporation

604-512-9208

 

 

 

 

Government adds new qualifying requirements for uninsured mortgages, this could effect your buying power by 20% in many cases.

 

Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate

 

This new stress test won’t apply to people renewing their uninsured mortgage.

 

Canada’s Office of the Superintendent of Financial Institutions (OSFI) announced these rule changes today. Draft changes were released in the summer for public feedback. (The Canadian Real Estate Association submitted this response to the draft rules in August on behalf of REALTORS® across the country.)

 

Under the new rules, the minimum qualifying rate for uninsured mortgages will be the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

 

OSFI will also require lenders to enhance their loan-to-value (LTV) limits and restrict certain lending arrangements designed to circumvent LTV limits.

 

These changes apply to all federally regulated financial institutions.

 

This is the seventh time since 2008 that the federal government has made mortgage policy changes.

 

Read the government’s full announcement here.

 

Economic analysis from the BC Real Estate Association (BCREA):

“The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 per cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we’ve seen home sales decline in the three to nine months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year. However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past,” said Cameron Muir, BCREA chief economist

 

We’ll provide more details on these changes in an upcoming Realtor News.

 

CLICK HERE TO CONTACT ME OR CALL ME AT 604-512-9208

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Beautiful home in Concrete building

Perfect for a 1st - time homebuyer

 

 

SOMA LOFTS: Main Street area 1 Bedroom & Den/Office with Floor to Ceiling Windows over 10ft High. South West Exposure, a Large Deck off the Living Space, Thick Granite Counters, Stainless Appliances, Exposed Concrete Walls & PolishedFloors. There is Plenty of Storage Space with Over-Height Kitchen Cabinets, a Walk-in Closet, and an Extra Room currently used as an Office. There is also In-Suite Laundry, Several Bike Rooms and a large parking spot. Experience Loft Living at it's Finest in the Heart of South Main. Solid Concrete Construction. Pet friendly - rentals currently maxed out. Fabulous building in Vancouver's popular Main St area. Close to transit and downtown.

Open House Sunday June 8th from 2-4

or

Call Chris for a private showing 604-512-9208

 

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