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Kathy Ferguson

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The down low on the new “stress test” for all mortgages

Thu, 22 Mar by kathyferguson

Canada’s New 2018 Mortgage Stress Test: Explained in a nut shell

As of the 1st of January 2018, all Canadian buyers borrowing from a federally regulated lender will be subject to the OSFI Mortgage Stress Test, including insured borrowers (those with a down payments of 20% or more.)

Lenders will now have to qualify all conventional mortgages using the Bank of Canada’s 5-year benchmark rate, which is currently set at 4.99%, or at the current contracted rate + 2% if that rate exceeds the benchmark rate. So, if you are currently pre-approved at 3.5%, you will now have to qualify as if your interest rate were 5.5%, which could significantly reduce your buying power.

Hello world!

Thu, 30 Mar by kathyferguson

Welcome to my new blog! I look forward to sharing new and exciting updates about the Real Estate Market and what is happening around town! Stay tuned for new posts coming soon!

Kathy Ferguson, Century 21 Desert Hills Realty ’10 Ltd
867 Victoria Street, KAMLOOPS, British Columbia V2C 2B7
Tel: 1-250 319 8760 Cell: 1-250-319-8760 Office: 1-250-377-3030 Toll Free: 1.888.738.4072 Fax: 1-250-377-3099
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