June 1, 2021

New Mortgage Stress Test Implemented June 1, 2021

On June 1st, 2021, the Canadian bank regulators, Office of the Superintendent of Financial Institutions (OSFI), implemented the new Stress Test requirements.

On June 1st, the "Stress-test” increased from 4.79% to 5.25%. Meaning that buyers will have to prove they can afford to pay a mortgage rate of ...

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Posted in Mortgage
April 11, 2021

Canadian Bank Regulator Proposes Higher Mortgage Stress Test Level for Uninsured Mortgages

The Canadian bank regulators, Office of the Superintendent of Financial Institutions (OSFI), are proposing a higher stress test level in order to curb the hot market and ensure that buyers do not over extend themselves if mortgage rates increase.

If the change is approved, it's currently scheduled to come ...

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Posted in Mortgage, News
June 8, 2020

CMHC Tightens New Mortgage Rules But Genworth and Canada Guaranty Won't Be Following Suit | 2020

Due to the Covid-19 pandemic, CMHC announced they will be tightening their mortgage underwriting rules as of July 1, 2020. Interestingly, Canada's two other mortgage insurance companies, Genworth and Canada Guaranty, will not be following CMHC’s lead, according to Canadian Mortgage Trends, which is good news for home purchasers ...

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Posted in Mortgage, News
April 27, 2020

Minimum Mortgage Down Payment Requirements in Canada | Updated 2021

So, you're thinking of buying a home in BC, Canada and you're wondering how much money you'll require for your minimum down payment. Well, below are some general rules to get you started.

Canadians & Permanent Residents Working / Residing in Canada

Purchasing a Primary Residence

  • Purchase price ...
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Posted in Buying , Mortgage, Popular
March 26, 2020

COVID-19 Canadian Deferred Mortgage Payment Plans

Due to the COVID-19 crisis, some homeowners may be able to defer their mortgage payments for up to six months. Contact your lender to see if you qualify.

For more details, contact your lender or visit:

Related Articles

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Posted in Mortgage, News, Owning
March 4, 2019

Helping Your Children Buy their First Home with the Family Equity Plan

Many parents are helping their children buy their first home by providing money for their mortgage downpayment. If you are also thinking of helping your kids with their home purchase, you may want to consider the Family Equity Plan instead of gifting your cash directly to your children.

You can ...

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April 11, 2018

7 Things to Avoid During the Mortgage Application Process

BC Mortgage Application Tips

Seven things mortgage brokers advise that you should avoid during the mortgage application process:

1. Don’t change jobs, or quit your job. Brokers cannot utilize your income if it’s probationary.

2. Don’t buy a car, truck or van with a payment plan before a home. 

3. Don’t use credit ...

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Jan. 12, 2018

Knowing The Lingo – Key Terms For Your First Mortgage

When buying a home, the mortgage process can be overwhelming. Knowing the key terms that are part of it can help reduce confusion and help guide your first conversation with your mortgage broker.

Mortgage Definitions and Key Terms


Length of time over which the mortgage will be repaid.

Mortgage Term

Length of time that ...

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Oct. 23, 2017

New Mortgage Rules Hurt Buyers

Starting January 2018, the existing mortgage "stress test" will apply to all buyers (not just the ones with less than 20% down payment). Which means borrowers will qualify for approximately 20% less money.

For example, if you qualify for $400,000 today, in January, you will only be able to borrow ...

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Posted in Buying , Mortgage, News
Oct. 22, 2017

Buyers will Qualify for Less Mortgage Funds as of January 2018

The Canadian government has announced that they will apply the existing mortgage "stress test" to all buyers (not just the ones with less than 20% down payment). Which means borrows will qualify for less money. Therefore, if you are considering purchasing a home, we recommend getting pre-approved before this change ...

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Posted in Mortgage, News