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Mortgage Rule Changes Effective October 17

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’s average 5-year fixed-rate. The change is intended as a “stress-test’ to ensure borrower affordability of […]

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