On January 1st 2018, there is a new regulation coming into effect that may have an impact on your purchasing power. It is a revision to Guideline B-20 - Residential Mortgage Underwriting Practices & Procedures. These new guidelines further strengthen the federal regulation of mortgage underwriting.
What does this mean?
Everyone will be a subject to a "stress test" if they wish to have an uninsured residential mortgage.
Who typically has an uninsured mortgage?
Generally, if you have 20% downpayment or more, your mortgage will be uninsured. This means that you are not required to have mortgage default insurance. The most common provider of mortgage default insurance is CMHC. Previously, these types of "conventional uninsured" mortgages…