JonboyE

As I understand it the new requirement is that you must qualify for a five year closed mortgage. If you put more than 35% down then you don't need to prove income cover to qualify.

Novocastrian

Excellent question. Although I was pre-approved for, and obtained a mortgage on the strength of a written offer of employment even before my PR was approved and before I was resident in Canada.

This was some time ago.

Alan2005

So the rules say you need to qualify? As these qualification rules which seem to be purely down to the individual bank I'm now at a loss as to what these new regulations are actually for.

I could understand it if they said you must be able to demonstrate the ability to pay the mortgage for five years at some fixed rate OR put 35% down - but I'm not sure that is what they say. Happy to be wrong here though.

(In Vancouver I suspect if people want a nice house in a nice area they'll be having to put a damn site more than 35% down if they want a mortgage much less than $500k)

Alan2005

I'm going to assume that was pre-credit crunch

JonboyE

You mean a politician announces a policy that sounds great but actually means very little?

Surely not!

Alan2005

Point taken...

Novocastrian

It was indeed between credit crunches.

J.T

I occasionally hire employees from the UK. The most recent one arrived last week and had obtained a pre-approved mortgage a month before arriving based on just a letter verifying employment and a plan to put 10% down. I believe it was with First National bank.

Danny B

I have just switched my mortgage to ING direct, it has to be the one of the lowest interest rates in Canada right now.

pacepeter

if you are a perminant recident you have to put 5% deposit, we just bought ours in August had to put 10% deposit and you have to show that you dont have to pay deposit back ie a loan, only took 2 weeks and we moved in relator was very nice. bad thing is the exchange rate at the moment but houses are going up quick here in alberta ours has gone up $22,000 since August.

Merry

Hi - have sent you a PM but ditto what MB-Realtor said x100!