It is going to become even harder this fall for new mortgage applicants to afford that dream home. As reported in the REW.CA news:
"Previously, the mortgage “stress test” introduced last fall only applied to those with insured mortgages, with less than 20% down payment, and required those new mortgage applicants to qualify at a much higher rate than the one they would actually be paying. This fall, OFSI is expanding this rule to require all new mortgage applicants to qualify at the higher posted rate (currently 4.64%), even if they have more than 20% down and an uninsured mortgage."
See the full article here: Stricter Mortgage Rules