Confused About the Changes to the Mortgage Rules???

Well....not everything has changed...

  • buyers can still purchase with 5% down for owner occupied homes
  • no downpayment option is still available under the 5% cashback program (keeping in mind this is at a higher rate
  • the maximum amortization on CMHC Insured Mortgages is 30 yrs.
  • if you want to refinance your existing home, perhaps to take out equity to purchase another property, etc., the maximum is 85% loan to value
  • buyers can still purchase a second home, cottage, home for a child etc. with 5% down as long as they qualify without using rental income
  • buyers need 20% down when purchasing a rental property and must qualify using anywhere between 50% and 80% of the rental income (100% of the rental income is never used)

These are some of the basic guidelines....everyone's situation your homework, speak with a professional and get the best advice possible.

Thinking of Buying? Selling?  Call Me!  Today!

Brenda Piech

Direct Line: 289-213-5555



Brenda Piech

Brenda Piech

Sales Representative
CENTURY 21 Today Realty Ltd., Brokerage*
Contact Me