So the sun still came out today, Oct 17 th , 2016 even with the new Mortgage Rules coming into affect. What shocked me more today is the amount of Albertans that did not know it was coming… it is all I have seen in my news feed. But that is probably more due to the fact that I am in the industry than anything else. In that same breath, I have been posting about it since the announcement on Oct 3ed, 2016. We have all been to caught up in the US Election & the information for the new Carbon pricing, is my first thought, and totally understandable. Lets do a bit of a recap for what came into affect today; the 5 year Bank of Canada Rate is now going to be used to qualify all high ratio insured mortgages. In simple terms; your mortgage currently will have to qualify at 4.64%, even thought your actual payments will be based on an interest rate much less than that. Our Government is calling it a " Stress Test " for all high ratio mortgages. I under...
Updating you in regards to the ever changing mortgage trends! Great Mortgage Rates & Products! Thinking outside of the Box!!