Kimbe Macmaster
629 Guelph Street N2H 5Y5 Kitchener, ON, Canada

CMHC announced changes in insured mortgage rules today. These take effect July 1. The 3 components of qualification impacted are: 1) allowable debt-service ratios (amount of income used to pay debt) reduced 2) minimum credit score increased... 3) handling of non-traditional sources of down payment that increase indebtedness changed In Kitchener-Waterloo, we are not seeing the decline in real estate prices from COVID that CMHC predicts (there was a dip in April, but prices almost fully recovered by May). But these rules are sure to impact buyers in Kitchener-Waterloo. Especially first-time buyers...yet again. https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri

The Bank of Canada has lowered their overnight interest rate target to 1.25%. This could impact your qualification, pre-approval, or unbeatable mortgage interest rates. Wondering how? Shoot me a message.

Breaking! Minister of Finance, Bill Morneau, has just announced new rules for the stress test on insured mortgages. Starting on April 6, the new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. This makes for a more dynamic stress test, better tied to actual market rates. Questions? Curious how this will impact your pre-approval? Send me a message!... https://www.cbc.ca//business/mortgage-stress-test-1.5467330

Another Home Financed in Guelph! I'm so happy I was able to work hand-in-hand with these buyers on both the financing and real estate side! It allowed us to do a last minute update to their financing in order to secure a home they love, right after the previous buyers couldn't get their financing sorted in time!

Another Home Sold and Another Home Financed in Downtown Kitchener!

What great news to hear that Prime Minister Justin Trudeau has asked the Finance Minister to review the mortgage stress test.