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New Mortgage Rules And What It Means For You

(written November of 2016) 


Effective October 17, 2016 (announced on October 3, 2016), mortgage rules changed for you and every other Canadian. In an effort to get control of Canadians borrowing, and to help cool over-heated markets like Vancouver and Toronto, the Canadian Government implemented some new borrowing rules for Canadians who are purchasing homes.

So what was changed?

They have implemented what is called an interest rate “stress-test.” How it works, is: 

 “To help ensure new homeowners can afford their mortgages even when interest rates begin to rise, mortgage insurance rules require in some cases that lenders “stress test” a borrower’s ability to make their mortgage

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Welcome, and thanks for checking us out at EdmontonRealEstate.Net! We are Edmonton’s newest real estate search website, and we are excited to be serving Edmonton and area for all your real estate needs.

EdmontonRealEstate.Net was created to make the home searching process as simple and efficient for you as possible. No matter what device you are using, you will have all our sites tools at your disposal. You can create a saved search to be notified immediately once a new listing has come on the market matching your search criteria, and you can remove listings that are of no interest so they do not pop up the next time you visit. This ensures you will only be viewing new listings and listings you are most interested in. EdmontonRealEstate.Net

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