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18 Feb

New Qualifying Rules for Insured Mortgages (less than 20% down)

General

Posted by: Adam Hawryluk

The Ministry of Finance has released preliminary information about changes to the qualifying rules for insured mortgages (those with less than 20% for down payment).

These new rule changes are set to come into effect April 6 2020 using “The weekly median 5-year fixed insured mortgage rate as calculated by the Bank of Canada from federally-backed mortgage insurance applications” plus 2%. Theoretically this should be a more accurate qualifying number to use rather than the BoC benchmark rate, which is more static.

See the news release HERE. We will provide more info as we receive it!

Adam Hawryluk