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How will new Mortgage Rules affect you?

Blog by Diane Cardoso | October 31st, 2017

These key factors may impact your Mortgage and mortgage decisions.  Be ready and prepared:
  • The Bank of Canada today held interest rates steady - after 2 previous interest rate increases.  However, they indicated that further interest rate increases are likely to come.
  • In the past week, OSFI (the Office of the Superintendent of Financial Institutions) - who oversee financial regulation at a Federal level - finalized new rules regarding qualifying for a mortgage that will come into place onJanuary 1st 2018.
  • The new OSFI rules will almost certainly make getting a mortgage harder - even for refinances and renewals.
The likely impact of all the above is that mortgage interest rates - which have been increasing recently - are likely to continue to increase in the near future