Reduced Stress-Test

As you may have heard, CMHC has reduced the stress-test today from 5.04% to 4.94%. This reduction of 0.10% will help to increase your client’s purchasing power. For example, if a client is earning 100k (factoring in average condo fees, property taxes and heat costs) they will now qualify for a place roughly $506k, a $6,000 increase.

Mortgages During a COVID Job-Loss?

Did you know you may still be able to qualify for a mortgage even if you’ve lost your jobs due to COVID? With the correct documentation it is still possible to be granted a mortgage.

I’ve experienced several scenarios where a couple is looking to purchase a property, but one of the spouses has lost their job due to COVID. Each of these cases is irregular and the strength of the mortgage request is largely dependent on the client’s length of employment and industry.

In cases where banks are not willing to lend, the best thing to do is wait until you’re back working and have at least one pay-stub issued by your employer.

If you have any scenarios you would like to discuss, please reach out to me anytime 778-215-4121 | adamsale@dominionlending.ca