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If you are thinking of buying a home and have less than 20% down payment, this is CRITICAL information for you to know! Effective October 17th, 2016, the Government of Canada is now requiring that any insured mortgage (less than 20% down payment) MUST qualify using the Bank of Canada Benchmark Rate, which is always higher than posted.
What does this really mean to you? Anyone that is currently pre-approved with less than 20% down, NO LONGER qualifies for the same purchase price after October 17th. After this date, they MUST qualify at the benchmark rate of 4.74% interest, vs. a 5 year fixed at 2.44% (or lower).
Now what does that really look like? 
Let's say your household income is $95,000 and you carry approx $1200/month in debt payment (2 car payments and a small credit card). If you have a purchase offer approved BEFORE Oct 17th, you would qualify for a $365,XXX.xx mortgage. However, if you wait UNTIL Oct 17th to send in an offer and get a full approval, your max purchase price would be $286,XXX.xx. This is a difference of $76,000! That is a HUGE difference in home size, quality and area where you can purchase! It might mean having to get a townhouse instead of a single family home, or buy out of the community you had hoped to buy. 
The good news? It's not too late!! If you want getting in to the market before this change, it is still possible! You just need to get the ball rolling immediately! You must have an accepted offer to purchase in to the bank before the 17th (but you can move in much later!).
Call us at 403-506-4003 as soon as possible to discuss the options and time frame. We will do everything we can to prioritize people who want to maximize the home they are able to buy, to look at all the options options and find something great for you, fast. It's very doable, so please reach out and let us help!
We are always available to answer your questions and concerns, so give me a call any time!
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