On June 20th, 2021 the Office of the Superintendent of Financial Institutions (OSFI) announced that as of June 1st, 2021, uninsured mortgages will be required to qualify at the greater of the mortgage contract rate plus 2 percent or 5.25%. That is up from the current qualifying rate of 4.79%. Further, the Deputy Prime Minister […]

With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn't take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages' qualifying rate to the higher of the mortgage contract rate […]

The benchmark rate (a.k.a. minimum stress test rate) has decreased from 5.19% to 5.04%. This will boost the mortgage amount typical borrowers can qualify for. The Good News The drop from 5.19% to 5.04% now means you can borrow an average of $10,000 more than you could previously! Do you have less than 20% down? […]

The benchmark rate (a.k.a. minimum stress test rate) has decreased from 5.19% to 5.04%. This will boost the mortgage amount typical borrowers can qualify for. The Good News The drop from 5.19% to 5.04% now means you can borrow an average of $10,000 more than you could previously! Do you have less than 20% down? […]