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OSFI has announced changes that will impact how you qualify for mortgages. These changes are going to impact the amount you can obtain for a mortgage. The changes will also impact the amount you can refinance and obtain from your equity in your current home. 


It is important to understand these changes, because if you’re in the market, it will likely affect you. OSFI will be regulating the banks to qualify all mortgages at 2% above the posted rate. For example, if you were to obtain a 5 year fixed rate mortgage at 3.49%, you would be qualified at 5.49% with the new mortgage rules. This will mean you will get less money from lenders.


To demonstrate, Please see the example of home-buyers who have a down payment of $180,000. The first buyer buys their home under the current rules. The second buyer’s mortgage is obtained after the new rules are in place, and it’s going to be 20% to 25% lower! 

Current Mortgage Rules (First Home-Buyer)


Purchase Price

Down Payment 

Mortgage Amount





New Mortgage Rules (Second Home-Buyer)


Purchase Price

Down Payment 

Mortgage Amount





The buyer purchasing under the new guidelines can now purchase for $756,000 instead of the $900,000 under today’s guidelines. With the same down payment, the two families are purchasing drastically different properties. If you’re house hunting for your next home or an investment property, talk a professional about how this will change your options.


Let’s chat and review your mortgage options, you need to get your mortgage application in before early to mid-December, 2017.Please remember if you have a pre-approval it will need to be revised and requalified under the new guidelines. This will make sure it’s submitted before the lenders start enforcing the rules. Give me a call for a free consultant and we can work together and to understand your exact situation and plan accordingly.

This is your opportunity to get fit for a mortgage before it’s too late! 


Herjit Driver


Mortgage Professional


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You need a successful strategy to succeed in purchasing a home in this market!



Typically, the market slows for the summer but there is no indication of that happening so far this year. 



To be successful in this market, especially when purchasing a townhome or apartment the buyer must be prepared and to do so, you must make sure your Realtor has obtained all necessary documents.

Due diligence is of the utmost importance because of the way offers are now being presented.

In a typical market, the offers are presented on a first come first serve basis but in the current climate of multiple offers on a property all the offers will be presented to the seller at the specified time and the seller will choose the offer that best suits their needs.

You must be fully prepared prior to submitting your offer.

Also, you need to have a strategy in order to be successful at purchasing in this type of market. 

Let me sit down with you to discuss a winning strategy to purchase your next home.

Market Snapshot



Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

My New Assistant Murphy.



We picked him up May 28th and immediately he was right at home. Especially, in my office he loves to lounge around under my desk. 

He makes a good paper shredder when I step out of the office.

Also, he is great conversation starter when we are out for a walk. He is gifted at helping me get new clients. 

He is the perfect addition to our family!

Until next time,

Sharon Symes

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It seems like not a day goes by that the local media does not have a least one article on the goings on in the local real estate market.


Click Here for the full report.


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