OFSI’s New Stress Test

OFSI’s New Stress Test

People have been listening to new jargon like “stress test” regarding mortgages. The government is using new words, which, in my opinion carry very negative connotations. Stress Testing is a practice as old as the woods in lending. It is called “qualifying for your mortgage”. OFSI is now upping the game for the “conventional” borrowers (20% + in equity). Last year they made the same change for the high ratio insured borrowers (less than 20% down payment). So what does the stress test means to most of our clients? Nothing, as 95% of our clients are on the variable interest rate mortgages which have had to qualify at the “stress test” rates forever. This means you qualify for a mortgage...

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Should I Stay or Should I Go…Now

Should I Stay or Should I Go…Now

After the joyful reminder of this classic hit by The Clash, what we’re really talking about is spousal separations. In the 28 years we have been in business we have dealt with hundreds of divorce situations. We find it best for our clients to call us as soon as...
Running the Gamut in 2017

Running the Gamut in 2017

The real estate business has really ‘run the gamut’ this year. I love that phrase – the origin is traced back to a musical concept developed by a cool medieval monk named Guido who essentially invented the first syllable-note system (think Do, Re, Mi)....
CMHC Fall Market Update

CMHC Fall Market Update

Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in...