New Mortgage Stress Test for Canadian Buyers HD

As of Monday Oct 17 borrowers with LESS than 20% down payment are required to qualify at the Bank of Canada’s benchmark interest rate (which is currently 4.64%). It does not mean you will pay this higher rate, but rather you just have to demonstrate that you can qualify at this higher rate. Borrowers with 20% down payment or greater will not have to qualify in this manner until Nov. 30th. This is the latest measure to try and cool the Vancouver Real estate market. Only time will tell what kind of effect it will have on the market going forward. However, I am already seeing potential sellers who were looking to sell and move up the price ladder decide to stay put, for fear of not being able to buy back in at the new requirements. If you want to voice your opinion or get in touch with Owen, please email owen@owenbigland.com and visit http://www.owenbigland.com for all his Inside Edge Real Estate video blogs. OWEN BIGLAND MACDONALD REALTY Direct Ph: 604.889.1118 VANCOUVER BC HOMES & CONDOS GREATER VANCOUVER BC REAL ESTATE FOR SALE House | Townhouse | Apartments Condos | Real Estate Vancouver | Richmond BC