The government (OSFI: Office of the Superintendent of Financial Institutions) has decided to extend the " Stress Test" to include buyers with more than 20% down, as of January 1, 2018. What does this really mean? A small example would be that if today you qualified for a $600,000 mortgage plus your downpayment, after January 1st you would qualify for about $500,000 plus your downpayment. So if you are thinking of buying a bigger home, now is the time to do it. If you are thinking of selling your larger home and downsizing, run, now is the time to do it and you barely qualify for an area that you want to live in, run because you won't qualify after January 1, 2018. Call me for me if you have any questions or if I can help you achieve your real estate goals.
http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx
