Effective January, 2018, the qualifying rate for uninsured mortgages, (20%+ down payment), will be the greater of the five-year benchmark rate published by the Bank of Canada, (4.89% today), or the contractual mortgage rate + 2%.
In plain English, IF the 5 year contractual rate in January, 2018 is 3.35%, your lender will be using 5.35%, (3.35% + 2.00%) to qualify your mortgage. You will qualify for a lot less mortgage than you do today.
Call or email me
If you want to discuss a financing solution tailor-made to you, contact me via email, adoria@mtgarc.ca or phone 647-201-0167, to discuss.