Mortgage Stress Test Unchanged
It’s official… there will be no change to the mortgage stress test….Canada’s bank regulator keeps mortgage stress test unchanged despite calls to relax rules as rates spike. The mortgage stress test is a tool used by mortgage lenders to determine whether a borrower can afford to make the payments on
The Home Buyer Rescission Period ("cooling-off period")
The home buyer rescission period, also known as the "cooling-off period," refers to a legally mandated period of time during which a home buyer can change their mind and cancel a real estate transaction. During this period, the buyer has the right to rescind and pay a penalty of 0.25% of the purchas
Federal Foreign Buyer Ban
Starting January 1st 2023 the Federal Foreign Buyer Ban will now be implemented. The foreign buyer ban period will last two years. The ban will only apply to residential property. Exceptions Include: A temporary resident within the meaning of the Immigration and Refugee Protection Act; or A non-Ca
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