Changes to the mortgage stress test

Posted by on March 7th, 2020

 

Ottawa, ON, February 18, 2020 – Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test.

The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent.

Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market.

In October 2016, Finance Canada introduced a stress test for insured mortgages. In 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued…

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OPEN HOUSE: 59 Springbank Mews SW

Posted by on February 5th, 2020

Come and visit me at the Open House at: 59 Springbank Mews SW from 2 PM to 4 PM...BOTH Saturday, February 8th and Sunday February 9th 2020.

UPDATED HOME! Close to all amenities , schools and transportation as well as easy access out to mountains! This beautiful 4 bedroom , 2 story home boosts many upgrades, including NEW ROOF(40 yr shingles), CENTRAL AIR conditioning, tempered glass railing off exterior back deck and new shower glass in master bedroom. The main floor features hardwood floors, 3 year old stainless steal appliances with maple kitchen and GRANITE. The washer and dryer also replaced in 2014. The basement was developed with permits in 2010 and has the 4th bedroom and 4 pc bathroom with large bright windows. The upper floor has 3 bedrooms…

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