20 May


Posted by: Croydon DeMello

‘Today, the Office of the Superintendent of Financial Institutions (OSFI) announced that, effective June 1, the minimum qualifying rate for uninsured mortgages (i.e., residential mortgages with a down payment of 20 percent or more) will be the greater of the mortgage contract rate plus 2 percent or 5.25 percent.
OSFI will review and communicate the qualifying rate at a minimum annually, every December, well in advance of the high-volume housing spring season.’ – OSFI