The NEW mortgage rules being implemented by the regulator of Canadian Banks (OFSI) take effect this coming Jan 1, 2018! Given that affordability will be eroded for many Canadians, there is no better time to speak to a mortgage broker regarding your options!
The regulator for all Canadian Banks in Canada, the Office of the Superintendent of Financial Institutions (OSFI) is introducing additional restrictive mortgage rules that will have a dramatic impact on the housing market and the ability of Canadians to qualify for a mortgage. The instrument being used is a STRESS test that will reduce the amount of money borrowers will be able to qualify for.
Quotes from OSFI:
“We clearly see the potential risks”
“Banking watchdog sees risks in Canada’s high debt and home prices and is doing something about it”
In the middle of January, it was announced by the Canada Mortgage and Housing Corporation (CMHC) that they would increase the insurance premiums that are attached to mortgages. Many buyers are under the impression that if they had a down payment of 20% or greater that this would not have an impact on them, WRONG!
Like so many professional services out there, mortgage brokers are available by the dozen across this wonderful country we call Canada. The one thing that cannot be taken for granted is that we are all alike and offer the same level of expertise, service and professionalism!
In order to be prepared for retirement, it is essential that we have a financial plan! Starting one is daunting, but it’s essential. No matter what your age, if you don’t have one you need to create one!
TMC joined the BBB to demonstrate that we are reliable, ethical, and trustworthy. Every time a review of TMC is submitted, it helps people who don’t know us become more aware of our services and value proposition. “We are a company that is 100% dedicated to customer service.” says George Hugh, President and CEO of Taurus Mortgage Capital. We are excited to be a part of the BBB and would like to hear about your experiences.
Yorkregion.com has recently wrote an article about Taurus Mortgage Capital. This article captures what Taurus Mortgage Capital is all about. Enjoy!