The first round of the new federal mortgage rules kicked in October 17, with an exception that extended the grace period for low-ratio applicants until the next round of changes coming November 30.
In the interests of consistency and efficiency, we’ll be maintaining the original schedule which means we now underwrite all deals using the Bank of Canada Qualifying Rate, currently set at 4.64%. This won’t surprise Brokers familiar with our history of conservative risk assessment and prudent lending practices. That’s how we build our business.
We continue to serve you and your clients with a full product line, including uninsured mortgage solutions, low interest rates and market-leading compensation. That’s how we build our relationships.