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UBC Real Estate Market News and Updates

Welcome to the UBCHomes.ca blog. Your local source for UBC real estate news, monthly market stats reports and new property listing updates specific to the UBC real estate market and also the Greater Vancouver area.

The new B-20 rules is in full effect

The new B-20 rules is in full effect, let's take a look at what has changed in the lending landscape for 2018!


The break-down (in laymen's terms) is as follows:


1) Your mortgage will be underwritten at either the Canadian Benchmark (currently 5.14%), or your contract rate +2%. That means your borrowing ability will be evaluated with a higher rate than you are actually paying, reducing the overall loan you qualify for.


2) There will be more risk-based restrictions when underwriting mortgages, and new LTV limits may be imposed on certain clients/areas that are deemed higher risk.


3) Federally regulated lenders can no longer bundle mortgages with other lenders to circumvent insurance premiums and insurer guidelines, when clients borrow over 80% LTV (or less, depending on the type of mortgage). This, again, is to ensure clients and lenders are not over-exposed with mortgage debt and the process is regulated at every level.


If you have further questions, contact your mortgage professional today to learn more about how OSFI's updated B-20 affects you!


For more information, you can click on below link.