Breaking down Canada's new Stress Test rules


As of Jan. 1, 2018, how Canadians purchase their home will change with the new rules the OSFI will put into action. But how does it impact your purchasing power? Or ... does it? It is estimated some 50,000 will lose their power to purchase a home, and other equations say people may lose around 20 per cent of their qualifying mortgage loan. Either way, it's important that homeowners and potential homeowners alike learn more about what these changes mean for them.

There have been plenty of reports and opinions released since the announcement however, so instead of inundating you with even more information, I've curated a few of the very best posts to help you break down what the lending rules means to you as a home owner, or a future home owner.

1. Two scenarios to help you understand how you might now qualify

This helpful guide by MoneySense will help you to understand how you might qualify for purchasing, based on two comprehensive scenarios. The numbers are quite different, so please take the time to look!

2. A practical guide: Renewing, refinancing, or totally unaffected by the changes

The most difficult part about these changes can be the lack of information for different situations. This easy-to-read article explains what the new rules may look like for different types of borrowing situations, as well as a quick video explainer.

3. A video: Understanding how the 'Stress Test' will work

This quick video shares what happens for those who want to qualify before the changes take place, and includes a great graphic explainer to help understand what is required of all borrowers, rather than just insured borrowers.

As you can see, there are a few ways these changes can impact you in your own journey of purchasing a home. After reading more, you might have more questions, or, you might realize you have some work to do to make sure you're still on track with your financial goals. Either way, contact me today and we'll get started on the process.

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