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Canadian housing rule are changing for those buying with a mortgage

As an award winning Century 21 Fusion SASKATOON REAL Estate agent I know the city and surrounding area extremely well. I take action to sell my client’s homes. I strive to find them the perfect new place to live while negotiating the best terms and price possible. I love what I do and I take great pride in providing excellence in customer service to all of my clients. I feel blessed to live in Saskatchewan and I am a TRUSTED SASKATOON REAL ESTATE Agent .


Canadian housing rule are changing for those buying with a mortgage

October 3rd the Finance Minister made a major announcement in regards to housing in Canada.  As your Trusted Saskatoon and area realtor I want to explain what that means for home buyers.

Effective Oct 17th 2016, EVERY mortgage looking for approval both in a default insured form(HIGH RATIO ie CMHC/GENWORTH) OR conventional(20% down payment or greater) are required to now qualify at the “qualifying rate” and not the discounted 5 yr. rate. By definition the “qualifying rate” is 4.64%. Up until this announcement this only applied to applicants that wanted to take advantage of a variable rate mortgage or fixed term mortgage less than a five year fixed term.

If you are looking at purchasing a home it is important to have your purchase contract approved prior to October 17th. After October 17th there is no guarantee that with this change your pre-approved maximum purchase price range will stay the same. It is likely that this will be drastically reduced.

For example, up until now mortgage brokers have always been able to pre-approve and “max-out” a client’s purchase power at the low 5yr fixed rate of 2.39%.  With this it means that client’s  will have to qualify at the rate of 4.64%. This will dramatically reduce the amount of home clients will now be allowed to qualify for.  Here is an example: Client A will no longer qualify for a $400,000 purchase after October 17th but will now have to be looking to purchase in the $340,000 price range!!!! Please contact me today with anyone questions and to ensure that if you are purchasing a new property we have your purchase agreement in place before the changes.


View full announcement from the Finance Minister here.



Canadian housing rule are changing

Mortgage Changes For Home Owners With Marla Janzen Realtor


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