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Rashida's Corner - December Market Update

Sunday Dec 10th, 2017

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Well, though I hate to admit it, I was wrong!  I predicted 6,500 homes sold in November when in fact there were 7,374, making November 2017 one of the best Novembers in HISTORY!!  The reason for this is simple, the government announced changes to the mortgage qualifying rules commencing January 1 2018, and a lot of buyers jumped into the market to make sure that they qualified under the old criteria.  This resulted in stronger than usual sales and that trend will continue in... [read more]

OSFI Unveils New Stress-Test Rules

Wednesday Oct 25th, 2017

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Canada’s banking regulator today unveiled the final changes to its mortgage underwriting standards—Guideline B-20—that will further tighten lending standards and affect borrowers and lenders alike. The most wide-reaching change announced by the Office of the Superintendent of Financial Institutions (OSFI) is the establishment of a new minimum qualifying rate, or “stress test,” for borrowers making a down payment of more than 20% of the home’s... [read more]

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