New Mortgage Rules Effective October 17th...

Effective October 17th all insured mortgages are required to QUALIFY for their mortgage using the current Bank Of Canada Benchmark rate of 4.64% 

$100,000 income, no debts and 5% down payment can currently qualify for about a $484,000 home  using the current 5 year fixed rate of 2.44% having to qualify at the bench mark rate of 4.64% now qualifies for a $421,456 home.

$62,544 less buying power!

All in effect by Oct 17th.

Vicki McDougall

Vicki McDougall

Sales Representative
CENTURY 21 Explorer Realty Inc., Brokerage*
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