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

  • $625,000 - Townhouse 54 19913 70 avenue, Langley

    MLS® R2376385
    Beautifully laid out open concept home at the Brooks! Gourmet kitchen made for entertaining with large [...]
    Listed by: Coldwell Banker Marquise Realty
  • $688,000 - Townhouse 2 15454 32 avenue, Surrey

    MLS® R2375854
    4 BDRM Townhome at Nuvo in Morgan Creek. Situated in the Morgan Elementary catchment this deluxe 3 storey [...]
    Listed by: Coldwell Banker Marquise Realty
  • $624,900 - Townhouse 4 14433 60 avenue, Surrey

    MLS® R2363817
    Beautiful open concept townhouse with south facing yard plus a patio off the kitchen! Enjoy this well [...]
    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.

copyright © 2019 vantagerealestate.ca All rights reserved.
Powered by Digit Art Designs Ltd