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27 Apr

Mortgage stress tests have squeezed millennials home buying budgets. Mortgage Market Update April 27, 2018

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Posted by: Anne Martin

 

MARKET UPDATE

Mortgage stress tests have squeezed millennials’ homebuying budgets by $40,000: study

The homebuying budgets of Canadian millennials shrank by 16 per cent or just over $40,000 following the introduction of tougher mortgage qualification rules in January, according to a new study.

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Best fixed rates are as low as *3.19 – 3.59 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.45%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.34% 3.24%
3 YEARS 3.49% 3.24%
4 YEARS 3.89% 3.34%
5 YEARS 5.14% *3.19 – 3.59 %
7 YEARS 5.30% 3.79%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.