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8 in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, J an ua ry 1 1, 20 18 | Advertorial The Real Story with the Rocca Sisters New OFSI stress test is now in place In 2017 the Office of the Superinten­ dent of Financial institutions Canada published the final version of Guideline B-20 - Residential Mortgage Underwrit­ ing Practices and Procedures. The stress test requirement, which came into effect on January 1, 2018, goes a step further than what was originally proposed by OSFI in July. OSFI has set a new minimum qualifying rate, or "stress test," for uninsured mort­ gages. ■ Guideline B-20 now requires the mini­ mum qualifying rate for uninsured mort­ gages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2 per cent. OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and re­ sponsive to risk. ■ Under the final Guideline, federally regu­ lated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic en­ vironment evolve. OSFI has placed restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV lim­ its. ■ A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution's maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law. The Canadian government is concerned of the overall debt load of Canadians. The goal is to insure people are well prepared for the possible increase in interest rates. They are also trying to help Canadians evaluate their overall household debt. This is good for Canadians long term, and will help protect them. "These revisions to Guideline B-20 reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada," said Superintendent Jeremy Rudin. With this latest change, there are things to keep in mind when understanding how this announcement can affect you. ■ Mortgage renewals will not have to requalify under these new regulations, as long as all the terms are staying the same. If you want to change anything at all then you will need to requalify. ■ If you are thinking of doing anything; buy­ ing, selling, refinancing - it is very impor­ tant to get to your bank now. Time is of the essence. ■ Go to the bank and reevaluate your overall financial situation to see where and how your bank can help you. If you are not working with anyone The Roc­ ca S is te rs ' partners at CIBC would be The R occa S is te rs C ath y an d Tanya Royal LePage Burioak Real I Estate'SerVices] Ltd.1, Brokerage S isters , B est F riends... P artners happy to ta lk to you. Prices have already reached a low. There is a lot of inventory and options for buyers, and sellers want to sell. The spring market will be an interesting pe­ riod of time. With the changes in interest rates and now the announcement of the "stress test", the market will likely level off and regulate itself, it will be area spe­ cific. The Rocca Sisters are award winning sales representatives with Royal LePage Burloak Real Estate Services Ltd., Brokerage - they are #3 in Canada for Royal LePage in 2015 based on sales production and volume. Cathy and Tanya can be reached a t 905­ 335-3042, directly a t 905-335-4102 or by email a t info@roccasisters.ca. Learn about our featured listings a t www.RoccaSisters. ca. mcdadi.ca/22728m mcdadi.ca/259b mcdadi.ca/25077r mcdadi.ca/112w mcdadi.ca/128408g mcdadi.ca/2010101c mcdadi.ca/458t mcdadi.ca/3153l L ESTATE TEAM Ittf HE GTA, old on Ihe Toronto Real Estate Board for 2011 -2017 as per Redatum stats 4 1 6 . 8 0 1 . 2 4 0 0 $1,898, $1,198, r\ SAM MCDADI Sc M A RepresentcrfSales IVf Residential/com m ercial redevelopm ent opportunity. W alk to restaurants, sh o p s and waterfront. V an d yk built. O ld O akville . 2 bedroom s, 2 baths. 2 beds. 2 baths. O pen concept. S p a c io u s kitchen. Hardw ood throughout. Gran ite. S / S app liances. In-suite laundry. 2 underground parking s p a c e s SAM MCDADI R E A L E S T A T E I N C , . B R O K E R A G E M C D A D I . C O M 4 beds, 4 baths. Planked hardwood. Modern kitchen w/ centre island. Pot lights. Walk up basement. 3+1 beds. 3 baths. Open concept. 9 .5 ft smooth ceil­ ings. Gleam ing hardwood floors. Gourmet kitchen. 3 beds. 1 bath. Great opportunity in southwest Oakville to build or renovate your dream home. 3+1 beds.4baths. Freehold cornertownhouse. One ofthe largest lots in the area. Over $75k in upgrades. RverO akstow nhom e.3beds.4baths. Renovatedthrough- out. Hardwood floors. O ak staircase. 5 bed, 7 bath. Gourmet kitchen w/ servery, eat in area, island, + w/o to terrace. G a s fireplace. In-ground pool. 4+1 beds. 6 baths. D esign er sh o w case interior. Gour­ met kitchen. W alk-in pantry. Prof finished bsmt. 4+1 beds, 6 baths. Steps to the lake. In-ground pool. Gourmet maple kitchen w/ french door w/o to large deck. $2,388, $1,899, TUC 4 1 i \ m e o e v e m n R IN A ROW!* S A M @ M C D A D I .C O M OFFICE 9 0 5 .5 0 2 . 1 5 0 0 SOUTH OFFICE 9 0 5 .8 2 3 . 1 5 0 0 LEARN M O R E A B O U T THE N EW 2018 M O R T G A G E RULES @ M C D A D I.C O M O R C A L L US T O D A Y . LET US HELP Y O U T O M A K E B U Y IN G O R SELLIN G Y O U R H O M E A W O R R Y FREE EXPER IEN CE. S a le s R e p re se n ta tiv e s:A b ra h a m A zra q ,A h m a d S h e h a b -E ld in ,A lv in T u n g , Ben S a d e g , Bill M cFarland, C iro Napolitano, C ra ig Y a ffe , F a d iA b o u -C h a lh a , Fra n c is Zuccare lli, Helen O 'Brecht, Isa iah Bay ley-H ay, Jo h n A th a - nasio u, Ju lie Jo n e s, K a y la le, Le an n e B insell, L is a Lee, M aggie Ribeiro, Marcello M archese, Mark Powell, M arwa Nadr, M aryam Kerm ani, M arzena C iec ie la g , M ase Rasti, Michelle Delem os, Mike A zraq , M on aA zraq, Norm W ilkie, O bie Khw aja, R J Sh ah i, Rom an D am avandi, S a m M cDadi, S a r a A zraq , S e a n Johnny, Sh an n o n Bow en, Su e-M ay a H a w a ss, Tom G u sic , T ra cy N guyen, V inci Leong, Z a h e e r Sh aw , Z a re e r D ivecha. Brokers: A sh ka n Khalegh i, Harry Nanda, Jim Yurchuk, Leonard Howell, Sa b rin a Nagar. mailto:info@roccasisters.ca http://www.RoccaSisters mailto:SAM@MCDADI.COM The Real Story with the Rocca Sisters $1,898, $1,899,