You read right. Our major banks and lending institutions have proposed mandatory mortgage stress tests for variable rate borrowers wherby incomes are measured against rising interest rates to determine whether fluctuating payments can be managed.
For the time being our Minister of Finance has abandoned steeper measures including raising the minimum down payment from 5% to 10-15% and reducing the amortization period from 35 years to 30 or even 25 years!
Over the next 2-3 months we may see some new lending guidelines from lenders and when they do, you will learn about it here.
Ty Lacroix Broker of Record & Owner
'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!
Your London and S/W Ontario source for results!
519-435-1600 www.enveloperealestate.com
