New Mortgage Rules for HomeBuyers

By: Tori Wright & KJ Duck

New Mortgage Rules for HomeBuyers

Tags: Toronto Real Estate Market, 1st time homebuyers, Riverdale, Mortgage rules, stress test

On Tuesday October 17, the Office of the Superintendent of Financial Institutions (OSFI) introduced new rules on mortgage lending to take effect next year.

OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price).

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