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Mortgage Minute

Should I wait for the new Stress Test in April?

3/2/2020

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The changes to the Stress Test will on average increase purchasing power by 3%, so if you were qualified to purchase up to $300,000, you might qualify for a $309,000 purchase come on April 6th. Clients with higher incomes and larger down payments will notice a greater increase in purchasing ability, and some examples I’ve read about show that on a $500,000 purchase for a high income earner, they might be able to increase their purchasing power up to $525,000. Just remember that everything is case by case.
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    Paul holds a Master's degree in Business Administration, loves to golf, watch hockey, and drink black coffee.

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Paul Dueck     204-791-9449    paul@pauldueckmortgages.ca      Castle Mortgage Group, 100-1345 Waverley St., Winnipeg MB R3T 5Y7

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