ZENY MANINANG's blog
Tax Rates 2022
Tax Rates 2022
Property Tax Rates 2021
Data compiled by the Toronto Regional Real Estate Board
What you need to know about the Mortgage Stress Test - Effective June 1, 2021
As of June 1, 2021, homebuyers will face the mortgage stress test rules that will decrease the buying power of most borrowers. Both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage.
What is the Home Buyers' Plan (HBP)?
The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.
Budget 2019 increase the HBP withdrawal limit to $35,000. This applies to withdrawals made after March 19, 2019.
How the stress test rate is calculated
For uninsured home buyers (anyone who qualifies with a down payment of 20% or more) the minimum qualifying rate is based on either the Bank of Canada’s five-year benchmark rate (5.14% at the time of writing) or the rate offered by your lender plus 2% – whichever is higher.
NEW MORTGAGE RULES IN CANADA EFFECTIVE JANUARY 1, 2018
New Mortgage Rules in Canada
With Canada’s new mortgage rules coming into effect on January 1, 2018, we want to help make sure you know how these changes may affect you. Our TD Mobile Mortgage Specialists are ready to help you understand and guide you through these upcoming changes.
What you need to know about the new mortgage rules in Canada
Whether you’re a buying a home or refinancing, here are the basics of what you need to know about the new mortgage rules:
New rules take effect January 1, 2018: