Thinking about moving? The mortgage qualification rules will be changing as of January 1, 2018.
The current rules allow buyers to quality for their mortgage at a discounted rate when providing a deposit of 20% or greater. In the new year, regardless of the amount of deposit, buyers will have to qualify at the posted rate +2% or the Bank of Canada Benchmark Rate (whichever is greater). This change may significantly reduce your purchasing power when applying for a mortgage. For more details click here to view a memo from the Royal Bank of Canada regarding these changes.
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