Mortgage Stress Test Calgary

Starting on January 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) set a new minimum qualifying rate, or “stress test” for all prospective home buyers, even those with a down payment of over 20%.

Before the new rule, only buyers that had a down payment of less than 20% had to make sure they could pass a stress test. Now it doesn’t matter how much money you save for a down payment, if you don’t pass the new stress test, the bank will not give you a mortgage.

Under the new mortgage stress test, potential home buyers need to qualify for a mortgage at a rate that is either 2% higher than the mortgage rate they qualified for, or the Bank of Canada’s five-year benchmark rate.  For most, that will mean qualifying for a home…

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Did you know March is "Community Association Membership Month" in Calgary? It's the perfect time to learn about your community's association and all the great work it does for your neighbourhood, perhaps even getting more involved.

We're lucky in Calgary, that most communities in our city have community associations. Knowing about your community association and where it is located, can offer you a ton of opportunity to get involved in the neighbourhood you live.

What is a community association? 

Community associations are neighbourhood-based volunteer organizations providing support, and opportunities in recreation, education and social life. In Calgary, nearly 150 community associations even operate facilities and/or halls. The Federation of…

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