Earlier this morning, BOC has announced interest rate increase by 0.25%.

That means today's prime rate of 3.20% will soon be 3.45% for most banks and financial institutions (TD's prime is 3.35%, will soon be 3.60%). 

If you have a variable rate mortgage and not sure whether you should lock in to a fixed rate or not, please contact us and we shall give you some advice.

Previously when a client asks us how much he/she can borrow, the answer has always been 4 to 6 times of your income, provided no other major debts.

As of January 01, 2018, all the federally regulated banks have to implement the Stress Test on ALL mortgages across the board. That means, your maximum borrowing power will be 4 to 5 times of your income, provided no other major debts.

Most of our lenders are regulated federally; therefore, they have to comply with the new Rules.

However, we do have access to Non-Federally Regulated lenders who offers non-stress test mortgages. Click Here for product details.