Sentences with phrase «mortgage qualification rules»

«The Office of the Superintendent of Financial Institutions (OSFI) unveiled a final draft of new mortgage qualification rules Tuesday, tweaking its earlier proposal to ensure home buyers will not have an unintended incentive to sign up for shorter - term mortgages.

The homebuying budgets of Canadian millennials shrank by 16 per cent or just over $ 40,000 following the introduction of tougher mortgage qualification rules in January, according to a new study.

First - time home buyers, as well as homeowners who need to renew their existing mortgages in 2018, will face headwinds from stricter mortgage qualification rules as well as interest rate hikes.

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada.

Home sales nationwide fell to the lowest in more than five years in April, as bond yields and tougher mortgage qualification rules imposed in January helped cool the market.

Under current Canadian mortgage qualification rules, home buyers can only get a mortgage if their debt - ratios show that they can make payments based on the Bank of Canada's qualifying rate.

Rising mortgage rates and tighter mortgage qualification rules have hit first - time homebuyers particularly hard, and activity was pulled - forward late last year in advance of the new OSFI rules.

At those prices, homebuyers would need an income of at least $ 100,000 in order to satisfy the lending standards for gross debt service ratios as well as tougher mortgage qualification rules introduced by federal regulators in January, Hildebrand found.

«Following a tough winter as homebuyers adjusted to the new mortgage qualification rules, spring thaw has begun for the Durham market.»

He is also critical of what he calls the «burdensome» mortgage qualification rules that took effect in January, saying they have had the «predictable effect of swiftly curbing housing demand.»

Then the Canadian federal government tightened up mortgage qualification rules, making sure that every borrower is stress tested based on posted rates (which currently hover at 4.64 %).

Mortgage qualification rules have been relaxed for many loan products.

It is estimated that the implementation of this mortgage qualification rule will impact between 7 % and 10 % of home buyers.

Morneau's change to mortgage qualification rules will be retroactive and apply to any new mortgage created on or after October 17, 2016.

In today's announcement, the Federal Finance Minister stated that the reason for this current change to mortgage qualification rules is to «Bring consistency to mortgage insurance rules by standardizing eligibility criteria for high - and low - ratio insured mortgages, including a mortgage rate stress test.»

But so do changes in mortgage qualification rules or a rising dollar or declining employment.

Recently representatives of Mortgage Professionals Canada met with dozens of members of Parliament and senior government officials to discuss housing affordability, availability and accessibility, and to outline concerns about the government's changes to mortgage qualification rules that were introduced last fall.

In a sign of the ongoing role government intervention is playing in the market, one in three Canadian homebuyers said they had decided to forgo a home purchase in light of the new mortgage qualification rules that came into effect January 1, according to a new Re / Max survey conducted by Leger.