The recent announcement by the Government of Canada regarding impending qualification parameters January 1, 2018 was expected for the better part of this year.  OSFI and the Department of Finance spoke to a position paper referencing the proposed parameters earlier in 2017.  This announcement doesn’t come as a shock within the industry. 

As Mortgage Professionals, with access to over 40 lenders, some federally regulated, some not, it is our pleasure to provide Canadian Consumers an array of mortgage products with varying qualification parameters. 

With an introduction of a new mortgage interest rate stress test coming in January, it is estimated the average home owner or home buyer will qualify for 20% less. That said, parameters surrounding gifted down payment and co-signors haven’t changed.  Canadians wishing to own homes will still have options and Mortgage Professionals can provide solutions.