{"id":1937,"date":"2016-10-14T15:39:19","date_gmt":"2016-10-14T15:39:19","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=1937"},"modified":"2021-04-01T09:52:31","modified_gmt":"2021-04-01T09:52:31","slug":"mortgage-rule-changes-effective-october-17","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/","title":{"rendered":"Mortgage Rule Changes Effective October 17"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"img-cls size-full wp-image-1938 aligncenter\" src=\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2016\/10\/mortgagestresstest.jpg\" alt=\"mortgagestresstest\" width=\"550\" height=\"350\" data-id=\"1938\" srcset=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2016\/10\/mortgagestresstest.jpg 550w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2016\/10\/mortgagestresstest-300x191.jpg 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>Canadian mortgage regulators announced that, as of October 17, all CMHC-insured high-ratio mortgages (downpayments of 20% or less) will have to be qualified using the Mortgage Qualifying Rate (MQR) which is 4.64% currently. This is slightly more than double today\u2019s average 5-year fixed-rate. The change is intended as a \u201cstress-test\u2019 to ensure borrower affordability of future mortgage rate increases.<\/p>\n<h3><strong>Why the change?<\/strong><\/h3>\n<p>The government is responding to concerns that sharp increases in house prices in cities like Toronto and Vancouver could increase the risk of defaults in the future should mortgage rates rise.<\/p>\n<h3><strong>How will this effect home purchases and refinances? <\/strong><\/h3>\n<p>As if affordability for housing in Toronto and Vancouver weren\u2019t difficult enough already, the new qualifying rate will lower the mortgage amount that borrowers qualify for.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Here\u2019s an example:<\/strong><\/span><\/p>\n<p>Annual income: $80,000<\/p>\n<p>5-year mortgage rate: 2.29%<\/p>\n<p>Down payment amount: $40,000<\/p>\n<p><strong>Before October 17: <\/strong><\/p>\n<p>Maximum purchase price:<strong> $520,000 <\/strong><\/p>\n<p><strong>After October 17:<\/strong><\/p>\n<p>Maximum purchase price: <strong>$425,000<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"img-cls size-full wp-image-1939 aligncenter\" src=\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2016\/10\/stresstest1.jpg\" alt=\"stresstest1\" width=\"600\" height=\"308\" data-id=\"1939\" srcset=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2016\/10\/stresstest1.jpg 600w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2016\/10\/stresstest1-300x154.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<h3>How we can help<\/h3>\n<p>Matrix Mortgage Global believes this will push more borrowers out of the bank\u2019s traditional lenders towards alternative lending solutions. If your mortgage loan application has been rejected from the bank, <strong>don\u2019t give up! <\/strong>Call us today at <strong>1.800.429.0717<\/strong> to see how we can make your home purchase or refinance possible.<\/p>\n<div class=\"post-utility\">\n<p class=\"tags\"><i class=\"icon-tag\"><\/i> <a href=\"https:\/\/www.matrixmortgageglobal.ca\/tag\/mortgage-rule-changes\/\" rel=\"tag\">Mortgage Rule Changes<\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Canadian mortgage regulators announced that, as of October 17, all CMHC-insured high-ratio mortgages (downpayments of 20% or less) will have to be qualified using the Mortgage Qualifying Rate (MQR) which is 4.64% currently. This is slightly more than double today\u2019s average 5-year fixed-rate. The change is intended as a \u201cstress-test\u2019 to ensure borrower affordability of&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[60],"class_list":["post-1937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-mortgage-rule-changes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage Rule Changes Effective October 17 - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rule Changes Effective October 17 - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"Canadian mortgage regulators announced that, as of October 17, all CMHC-insured high-ratio mortgages (downpayments of 20% or less) will have to be qualified using the Mortgage Qualifying Rate (MQR) which is 4.64% currently. This is slightly more than double today\u2019s average 5-year fixed-rate. The change is intended as a \u201cstress-test\u2019 to ensure borrower affordability of&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/\" \/>\n<meta property=\"og:site_name\" content=\"Matrixmortgageglobal\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-14T15:39:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-01T09:52:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2017\/07\/mortgagestresstest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CMSadminNew\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website\",\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/\",\"name\":\"Matrixmortgageglobal\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2017\/07\/mortgagestresstest.jpg\",\"contentUrl\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2017\/07\/mortgagestresstest.jpg\",\"width\":550,\"height\":350},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#webpage\",\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/\",\"name\":\"Mortgage Rule Changes Effective October 17 - Matrixmortgageglobal\",\"isPartOf\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#primaryimage\"},\"datePublished\":\"2016-10-14T15:39:19+00:00\",\"dateModified\":\"2021-04-01T09:52:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgage Rule Changes Effective October 17\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695\",\"name\":\"CMSadminNew\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g\",\"caption\":\"CMSadminNew\"},\"sameAs\":[\"https:\/\/www.matrixmortgageglobal.ca\/staging\"],\"url\":\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/author\/cmsadminnew\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mortgage Rule Changes Effective October 17 - Matrixmortgageglobal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/","og_locale":"en_US","og_type":"article","og_title":"Mortgage Rule Changes Effective October 17 - Matrixmortgageglobal","og_description":"Canadian mortgage regulators announced that, as of October 17, all CMHC-insured high-ratio mortgages (downpayments of 20% or less) will have to be qualified using the Mortgage Qualifying Rate (MQR) which is 4.64% currently. This is slightly more than double today\u2019s average 5-year fixed-rate. The change is intended as a \u201cstress-test\u2019 to ensure borrower affordability of&hellip;","og_url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/","og_site_name":"Matrixmortgageglobal","article_published_time":"2016-10-14T15:39:19+00:00","article_modified_time":"2021-04-01T09:52:31+00:00","og_image":[{"width":550,"height":350,"url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2017\/07\/mortgagestresstest.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"CMSadminNew","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website","url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/","name":"Matrixmortgageglobal","description":"Just another WordPress site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#primaryimage","inLanguage":"en-US","url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2017\/07\/mortgagestresstest.jpg","contentUrl":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2017\/07\/mortgagestresstest.jpg","width":550,"height":350},{"@type":"WebPage","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#webpage","url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/","name":"Mortgage Rule Changes Effective October 17 - Matrixmortgageglobal","isPartOf":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#primaryimage"},"datePublished":"2016-10-14T15:39:19+00:00","dateModified":"2021-04-01T09:52:31+00:00","author":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695"},"breadcrumb":{"@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/mortgage-rule-changes-effective-october-17\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/"},{"@type":"ListItem","position":2,"name":"Mortgage Rule Changes Effective October 17"}]},{"@type":"Person","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#\/schema\/person\/6aa2af4bcd8c66d9d8240ebe9a757695","name":"CMSadminNew","image":{"@type":"ImageObject","@id":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0be18fd6dbece008bb7c249a9f35013acca152c439430ea1a04d1afd09f20fbf?s=96&d=mm&r=g","caption":"CMSadminNew"},"sameAs":["https:\/\/www.matrixmortgageglobal.ca\/staging"],"url":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/author\/cmsadminnew\/"}]}},"_links":{"self":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts\/1937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/comments?post=1937"}],"version-history":[{"count":3,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts\/1937\/revisions"}],"predecessor-version":[{"id":9247,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/posts\/1937\/revisions\/9247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/media\/2678"}],"wp:attachment":[{"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/media?parent=1937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/categories?post=1937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-json\/wp\/v2\/tags?post=1937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}