CMHC has lowered their requirement for at least one borrower on a mortgage application to have at a 600 beacon credit score and increased qualifying ratios back to 39% (GDS) & 44% (TDS)

Sales 11,106 Average Price $1,089,536 New Listings 16,189

‘The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.’ – Bank Of Canada

Sales 11,951 Average Price $1,108,453 New Listings 18,586

Effective June 1, 2021 for both insured and uninsured mortgages a stress test will apply where the minimum qualifying rate will be the greater of the mortgage contract rate plus 2% or 5.25 percent.

‘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 […]

Sales 13,663 Average Price $1,090,992 New Listings 20,825

‘The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.’ – Bank Of Canada

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 […]

Sales 15,652 Average Price $1,097,565 New Listings 22,709