10 Mistakes to Avoid in Rent-to-Own For most people, a home is the largest purchase they’ll ever make, so choosing the wrong property can have disastrous implications for their wallets and well-being. Still, many homeowners feel a strong sense of pride in putting their mark on the property, building equity and having a place to [...]
The stress test rate is about to fall for the second time in three months following cuts by Canada’s Big Six banks to their 5-year fixed posted rates. Mortgage experts say the Bank of Canada will reduce the benchmark qualifying rate—a.k.a., “stress test rate”—from 4.94% to 4.79% this week. National Bank of Canada cut its [...]
Many people I speak with have no idea what the stress test, how it affects them and what it does to their budget when house hunting. So, I decided to post this to ensure that people had the opportunity to understand it in layman terms. The stress test came into effect in 2018 for all [...]
The home-purchasing power of ‘peak millennials’ aged 25-31 has diminished by around $40,103 (16.5%) since the introduction of the OSFI stress test at the start of 2018. A report from Royal Le Page calculates that nationwide, a peak millennial with a median salary of $38,148 has a maximum homebuying budget of $203,246. This includes a [...]
