Skip to main content

More about the mortgage stress test.....

Moneysense Magazine: Mortgage Stress Test  

"First off, it’s not a test like the kind you encounter in school. Rather, it’s a set of rules major banks must use to determine if you qualify for a mortgage. Because mortgage rates can fluctuate, as they have in recent months, the Canadian government has set a minimum qualifying rate to reduce the risk involved in mortgage lending. This helps to ensure you’ll still be able to afford your mortgage payments if interest rates increase beyond the rate originally stated in your contract. In other words, it’s not you but your finances that are put to the test."

Labels:
Location: Stratford, ON, Canada

Comments

Post a Comment

Popular posts from this blog

SPACE AND PLACE

I am a Real Estate Broker providing full service real estate to clients throughout Southwestern Ontario.  I specialize in helping you find the ideal community and a home within that city, small town or quiet rural corner.  My twenty years of experience and advanced training in marketing, negotiation and contract management make me the ideal person to list your property and attract the perfect buyer. 
Post a Comment
Read more

My Favorite Hamilton Food Blogs

Surfing thru local blogs is a great way to get a feel for the City and hear directly from the voices who live here. Here are a few of my favourite food blogs: Hungry Hammer Girl Restaurant reviews of Hamilton, Ontario and surrounding area. From a food lover, a world traveller and an-at-home-chef this blog will hopefully give you a good sense of a place and whether its somewhere you'd be interested in visiting.   Link to Blog: Hungry Hammer Girl Hamilton Eat Local and the Good Food Box Articles on local and high quality food sourcing. Good lists of links to local food markets, cafes and restaurants. Link to Blog: Hamilton Eat Local I heart Hamilton An all around fascinating cultural blog with the theme ' be a tourist in your own town'. Has a food label for our specific topic search. Link to Blog: i heart Hamilton un haricot vert A foodie's very detailed review of restaurants throughout the Hamilton area . Link to Blog: un haricot vert  
Read more

Are Canadians dreaming of owning a home? It’s complicated: RBC Poll

Article: RBC website   36% of non-homeowners under 40 have given up on the dream of owning a home 62% of Canadians say most people will be priced out of the housing market in the next decade 60% of Canadians likely to buy in the next two years are saving $789/month on average "When it comes to purchase intention, despite 54% of Canadians polled saying it is a sellers’ market (up from 41% last year, highest since 2009), there is a large increase in Canadians who are considering buying a home in the next two years (30%, up 8% from 2020). This rises to 49% for those respondents under 40 years of age and 66% for new Canadians who have been in the country less than five years. Many factors are on the minds of Canadians when thinking about whether to buy now or buy later. According to the poll results, interest rates and concerns that homes will become less affordable are key reasons why many Canadians are considering buying sooner. In fact, 41% of Canadians surveyed are thinking about
Post a Comment
Read more