AS OF NOV. 1:
1. Lines of Credit: You can now only borrow to a maximum of 65% loan to value of your property - in the past it was
80%
2. Self-Employed: Clients who are self-employed can ONLY go to a maximum loan to value of 65% on conventional
mortgages.
3. All Variable Rate Mortgages must use the 5-year Bank of Canada benchmark rate to qualify as well as any fixed or
variable terms less then 5 years insured or conventional must qualify on the 5 year fixed Bank of Canada benchmark
rate. So, if 3 year rate is 2.9% ... that is fine you can get it ... but you need to qualify at the current 5 year rate (currently
5.27%!).
IF YOU HAVE LESS THAN 20% down payment, otherwise known as high ratio mortgages, insured through CMHC or
Genworth.
1. Amortizations are reduced to 25 years from 30 years.
2. Refinancing is REDUCED from 85% Loan-to-value (LTV) to 80% - no change to purchases.
3. Properties purchased over $1 million no longer will be eligible for mortgage insurance. Anything over $1 million
dollars, 20% down payment is required.
4. GDS and TDS set at 39% and 44%. The reduction in amortization combined with the lowered GDS ratio could
affect a number of people's ability to qualify.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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