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.
MLS® R2176881 Updated Beach Grove Rancher! This bright and renovated 3 bedroom 2 Bathroom 1700 square foot home is [...] Listed by: Coldwell Banker Marquise Realty
Vantage Real Estate Group 604-345-3339
This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.