New Mortgage Rules Video -

Dec 31st Mortgage Overhaul


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Alex Burns from RE/MAX and speaks with Jason Chapman from Mortgage Architects about the upcoming changes to mortgage lending rules coming up in December.

This major shift will affect over 80% of Canadians. Listen in as Alex and Jason discuss what this means for you, and how you can be ready for the biggest change to lending rules Canada’s history!


Here’s some of the highlights:

Alex: What should we expect coming in January?

Jason: This will affect anyone with 20% or more equity in their home. This is the biggest lending rule change in Canadian history and the reason why is because 4/5 people in Canada have 20% equity in their home or buy a home with 20% equity down.

Alex: So let’s say I’m a first time home buyer and I have 20% to put down on a home. So let’s say I’m qualified for $400,000 and I have 20% to put down on a downpayment

Jason: How it’s going to affect you is that today we would qualify you based on the rate you’re going to get, so 3% or something like that. Once January comes along, you’ll have to qualify at the greater of either the benchmark rate, which is 4.99%, or 2% above the actual rate you get. So if you qualify at 3.09% you’ll have to qualify at 5.09%, whichever is greater.

Alex: So you still get the 2.99%, you just have to qualify at the higher rate to see if I can manage that rate. The banks just want to see if I can manage that rate, so if the rates go up then perhaps I won’t be sinking.


To hear the full interview, and to find out how this will affect your situation, check out the full interview above or contact us at!