Federal Government Aligning with OFSI to create new qualifying rate for INSURED mortgages
On May 20, 2021 OFSI announced a new qualifying rate for UNINSURED mortgages, now the Federal Government is following suit.
As of June 1, 2021, the minimum qualifying rate for ALL mortgages (uninsured and insured) will be the greater of the mortgage contract rate plus 2 percent or 5.25 percent.