Just when you think home affordability in Canada begins to get easier, the Finance Minister announces that come October 17, 2016 it's going to be a bit tougher to qualify for financing.The new qualifying rate will be 4.6% which is 2.25% ABOVE current current qualification rates.
This could mean a 20% reduction in your purchasing power. Bottom -line if you qualify for max $500,000 today, after October 17th you'll qualify for max $400,000.
What to do? Contact your financial advisor or I'd be happy to help: www.bmccallum.com
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