New Mortgage Rules in Canada

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:

  • Mortgage qualification criteria (stress test): All mortgage borrowers are subject to qualifying criteria (aka stress test) that would determine whether they would be able to afford their principal and interest payments should interest rates increase. Check with your TD Mobile Mortgage Specialist to understand how qualification rules can affect your mortgage loan.
  • Default Insured Mortgages: For home buyers with a down payment of less than 20%, the stress test would use either the insured minimum qualifying rate or the customer's mortgage interest rate plus 2% - whichever is higher.
  • Conventional Mortgages: Home buyers with a down payment of 20% or more are subject to a stress test using the Office of the Superintendent of Financial Institutions (OSFI) minimum qualifying rate or the customer’s mortgage interest rate plus 2% - whichever is higher.
  • The rules don’t apply if you’re renewing your TD Mortgage: New rules that come into effect only apply to new mortgage loan agreements. They do not apply when renewing your existing mortgage loan with TD.
  • Understand what type of mortgage best fits your means: We can help make sure you are prepared with the knowledge you need to make your mortgage decision, including when new rules have taken effect. Learn more about buying your first home.
  • View our full mortgage interest rates.
  • For more information check out this article from TD Stories.

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A Down Payment is the amount of money you have towards purchasing your home. Many homebuyers make down payments of 5% to 20% of the total value of the home. The purchase price minus the down payment is the amount that generally requires financing from a bank or other financial institution.
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