Monika Lending

OSFI announced they're maintaining the minimum qualifying rate (MQR) steady for uninsured residential mortgages at the greater of 5.25% or the mortgage contract rate plus 2%. They are confident this move will help slash residential mortgage delinquency rate.

We’ll continue engaging with OSFI on its ongoing review of B-20 and other policy matters that impact our industry.

Read their full statement here: https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/mqr20231212-nr.aspx

It is a common misconception that you need to put down 20% of the home’s purchase price as a down payment. While 20% down allows you to avoid mortgage loan insurance, many lenders offer mortgage programs with lower down payment options.

If your home will be owner-occupied, then you need 5% down for the first $500,000 of the purchase price, and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%.

If you have any questions about the down payment options available to you and how to use them, reach out to your Mortgage Broker.