What The New Mortgage Rules Mean For Buyers

The blog discusses the new mortgage rules that were introduced in Canada in 2018 and their implications for homebuyers. The author explains that the rules, which include a stress test for all mortgage applicants and stricter requirements for low-ratio mortgages, were implemented to prevent mortgage defaults and ensure financial stability. The blog also discusses how the rules have affected the real estate market, such as a decrease in demand for higher-priced homes and an increase in demand for rental properties. The author suggests that buyers should be prepared to adjust their budgets and expectations in light of the new rules, and work with a mortgage broker or financial advisor to understand their options.