new financing rules
A misconception about mortgage financing:
It is a reoccurring but common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past.
This is not accurate!
Do. Not. Assume. Anything.
Even if your financial situation has remained the same or has improved, securing mortgage financing is more difficult now than it has in recent years.
The latest changes to mortgage qualification by the federal government has left Canadians qualifying 20-25% less. On top of that, guidelines that lenders would use in determining your suitability have been replaced with non-negotiable rules and declarations.