20 May

General

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 […]

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16 Apr

OSFI proposes new minimum qualifying rate for uninsured mortgages

General

Posted by: Croydon DeMello

The Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages, and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus 2% or 5.25% as a minimum floor. Additionally, OSFI […]

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25 Feb

First Time Home Buyer Incentive

General

Posted by: Croydon DeMello

If you qualify as a first time home buyer or experience the breakdown of a marriage or common-law partnership the government will loan you between 5% to 10% to put toward your down payment.  

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