New Mortgage "Stress Test Rate" Explained

Vinod gives us the low down on the BIG mortgage rule change, aka the new "Stress Test Rate". If you are planning on purchasing a home after October 17 with LESS than 20% down, WATCH this video!


Here is the example given:
Assuming an estimated annual family income of $100,000, living in a detached home, and an estimated per/month heat & prop tax of $500.. You will qualify for:
At discount rate of 2.44 = $625,000 Mortgage (approx.)
At Bank of Canada Prescribed Rate of 4.64% = $490,000 Mortgage (approx.)
That's a $130,000 less!
WOW.. Again this is Major. Do your research or call your banker or mortgage broker if you have questions or concerns.

Kind regards,
Vantage Real Estate
604-345-3339

  • $685,000 - Townhouse 1 15454 32 avenue, Surrey

    MLS® R2211763
    4 BDRM Townhome at Nuvo in Morgan Creek. Situated in the Morgan Elementary catchment this deluxe 3 storey [...]
    Listed by: Coldwell Banker Marquise Realty
  • $988,000 - Apartment/Condo 2201 1199 eastwood street, Coquitlam

    MLS® R2207520
    Have the whole half of the 22nd floor to yourself! Allow the West, North and East facing view to capture [...]
    Listed by: Coldwell Banker Marquise Realty
  • $529,000 - Apartment/Condo 308 15241 18th avenue, Surrey

    MLS® R2205031
    PRIVATE CORNER UNIT AT CRANBERRY LANE. Rare Find for easy living! This condo features 3 bedrooms (master [...]
    Listed by: Coldwell Banker Marquise Realty