Only Freak Out With Less Than 20% Down

If you have less then 20% down, you are going to lose 20% of your purchasing power. 

This means the following:
If you wanted to live in Vancouver, you are now living in Burnaby.
If you wanted to live in Burnaby, you are now living in Coquitlam.
If you wanted to live in Coquitlam, you are now living in Langley.
If you wanted to live in Langley, you are now living in Abbotsford.
If you wanted to live in Abbotsford, you are now living in Chilliwack.  
and so on...

Overall, if you do not have 20% down, you are moving East.

If you were planning on purchasing your home with less than 20% down payment, then the mortgage amount you could qualify for is about to significantly decrease.

This new rule was just imposed by the Federal Government to "ensure a stable housing market".

EXAMPLE: Assuming you want to buy a home with 5% down payment, and you earn a $50,000/ year salary….you could qualify for a mortgage of approximately $333,000.

As of October 17, 2016……the maximum mortgage you can qualify for drops to approximately $262,000. 

You have till October 17th to have an offer on a property to bypass this.  

If you are planning on putting down 20% or more, we have lenders that will not be effected by these rule changes.