The Bank of Canada announced last week that the new mortgage rules (stress test for mortgages with more than 20% equity) will go into effect Jan 1st, 2018, for all federally regulated lenders. Therefore, if you have a pre-approval or rate hold, these WILL BE subject to the new rules unless you have an actual commitment and full approval from a lender, prior to Jan 1st. As a broker, I will have access to some lenders who may not adapt to the new rules, specifically those that are not federally regulated. More from these lenders will be announced I’m sure in the coming weeks.
For more information on the above, drop me an email or give me a call.