New Mortgage Rules in Canada

With Canada’s new mortgage rules coming into effect on January 1, 2018, we want to help make sure you know how these changes may affect you. Our TD Mobile Mortgage Specialists are ready to help you understand and guide you through these upcoming changes.

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What you need to know about the new mortgage rules in Canada

Whether you’re a buying a home or refinancing, here are the basics of what you need to know about the new mortgage rules:

  • New rules take effect January 1, 2018: Check with your TD Mobile Mortgage Specialist on how this can affect your mortgage loan if you've applied before January 1, 2018.
  • Home buyers with a down payment of 20% or more will now be subject to stricter qualifying criteria (also known as a "stress test") that would determine whether a homebuyer would be able to afford their principal and interest payments should interest rates increase. This stress test would use either the 5-year benchmark rate published by the Bank of Canada or the customer's mortgage interest rate plus 2%, whichever is the higher.
  • New rules don’t apply if you’re renewing your TD Mortgage: The new rules only apply to new mortgage loan agreements. They do not apply when renewing your existing mortgage loan with TD.
  • Understand what type of mortgage best fits your means: We can help make sure you are prepared with the knowledge you need to make your mortgage decision - before and after the new rules take effect. Learn more.

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