Max Kamali Sales Representative
Direct: 416-723-0353

New rules for mortgage underwriting come into effect on January 1, 2018. This will affect both purchasers and sellers as it will reduce the amount purchasers are able to pay for a property.
 
The so-called "stress test" will reduce the amount a purchaser with a 20% down payment can pay for their potential home by 11% or more.
 
Household Income:           Maximum Home Purchase          Maximum Home Purchase          Difference
                                        Current Rules                              January 1 ,2018
 
$100,000                              $617,616                                   $549,177                              $  68,439
$150,000                              $975,506                                   $867,408                              $108,098
 
Based on a 3.69% interest rate for a 5-year fixed rate mortgage with a 25 year amortization.
 
For purchasers with a smaller down payment, the reduction will be greater.
 
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Contact Me

Max Kamali Sales Representative
RE/MAX West Realty Inc., Brokerage Independently owned and operated
1118 Centre Street
Toronto, Ontario  

Phone: 905-731-3948Mobile: 416-723-0353
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