New Conventional Mortgage “Stress Test” Rules

New "Stress Test" Mortgage Rules

The decision has been made by the Office of Superintendent of Financial Institutions (OSFI) to proceed with the mortgage rules they proposed earlier this summer. OSFI is an independent agency of the Government of Canada that reports to the Minister of Finance. It was created to contribute to public confidence in the Canadian financial system. OSFI is the sole regulator of […]

Saving for a Down Payment

Saving for a Down Payment to Purchase a Home

Saving a down payment to buy a home can be the biggest challenge first-time home buyers’ face. In Canada, the minimum down payment is five percent of a home’s purchase price that is under $500,000. If the home’s purchase price is over $500,000, the requirement is five percent on the first $500,000 and ten percent […]