Jeff Herrington
105 - 20171 92a Ave. V1M 3A5 Langley, BC, Canada

New tougher qualifying guidelines brought in by CMHC (buyers with less than 20% down). IE: Household income of $100,000 qualifies for a $500,000 (ish) mortgage until July 1. After July 1 that drops down to around $443,000 (ish). Basically after July 1 any new buyers will qualify for around 12% less. Please let me know if you have any questions.

Here’s some info for people with a TD mortgage that are looking to/wondering how to go about deferring mortgage payments. How does a TD Mortgage Payment Deferral work? Customers who are experiencing financial hardship can request to defer the equivalent of up to six monthly payments. Interest will continue to accrue and is capitalized (i.e. added to the outstanding balance) on each payment date. This will increase the outstanding balance. Mortgage payment deferrals will not ...impact the customer's credit bureau if the account was in good standing at the time of the deferral and remains in good standing. Customers have the option to defer their Critical Illness and/or Life Insurance premiums (if applicable). At this time, this option is available by phone. If TD pays property taxes on the customer's behalf, the customer can choose to include taxes as part of the deferral or continue to have the property tax payment amount taken from their account. Note: Deferred property tax payments will be adjusted during the annual property tax billing change and regular payment amounts will increase. The option to defer mortgage payments also applies to rental properties. How can customers request a TD Mortgage Payment Deferral? Brokers are not permitted to request a mortgage payment deferral on a customer’s behalf. Customers can reach out to TD in the following ways: Visit our TD Website at www.td.com/covid19 to submit an online mortgage payment deferral request via EasyWeb online banking. Customers will receive an email response notifying them of the outcome of their application. This is the most convenient option to request a TD Mortgage Payment Deferral. Reach out to us by phone at 1-888-720-0075. We know you may be receiving an increased number of customer inquiries. We thank you for your patience and ongoing collaboration during these challenging times. Contact: For more information and updates on COVID-19 and how TD is ready to help customers, visit www.td.com/covid19.

CMHC, Canada Guaranty and Genworth along with several lenders are working on allowing clients unable to work and having troubles affording their mortgage payment to defer for up to 6 months. If you have any questions please let me know.

Little clarification on GST on Assignments and Resales.

Don’t forget to complete your speculation and vacancy tax declaration by March 31, 2020. Both owners of any property must complete it.

Government is listening to the people and will look into the mortgage stress test and see if there is any room for changes. This is good news for many.