Over the past year a few new rules and changes have been put in place that have affected the mortgage market, including:
- Stress test qualifying rate for all insured mortgages
- Ontario’s Fair Housing Plan
- Increase in the benchmark overnight rate
These changes were implemented to help cool down housing markets and stop individuals from over-borrowing. To find out more about the implications and what’s next for the mortgage market go here >>
Contact The Mortgage Centre KW today to find out how it might affect you 519-743-4365.