sophiegoudreau

In recent years, there have been some huge changes to the mortgage rules that directly affect Canadian homebuyers. One notable change is the introduction of mortgage stress testing. This measure requires borrowers to qualify for a mortgage at a higher interest rate than the one they will actually be paying. The purpose is to ensure that buyers can handle future interest rate increases and have the financial capacity to make their mortgage payments. While this promotes financial prudence, it means there are new – and larger – obstacles to overcome to qualify for a mortgage. This is especially difficult for first-time buyers with limited down payment savings.  Sophie Goudreau is an award-winning  REALTOR in Cornwall  and Eastern Ontario who has helped many first-time homebuyers to navigate the process of finding their dream home. She is answering your questions about what the changes in the mortgage rules mean for you as you look to  buy a home .  How do these changes specifically impact

  With recent increases in borrowing costs in Canada, it’s crucial for homebuyers to be aware of the potential implications. Sophie Goudreau is an experienced and award-winning  real estate agent in Cornwall , SDG, and Eastern Ontario. She understands that changes in interest rates will usually have a significant impact on the housing market. Sophie can provide valuable insights into how these rising interest rates may affect you when you’re looking to  buy a house in Cornwall.   WHY DO INTEREST RATE HIKES HAPPEN?  You’re probably hearing the term “interest rate hikes” a lot these days. In this case, it refers to an increase in the benchmark interest rates set by the Bank of Canada. These rates influence the interest rates offered by lenders and play a crucial role in managing inflation and overall economic stability. When the Bank of Canada raises these rates, it’s usually in response to a strong economy, increased inflation, or to manage the risk of excessive borrowing and spend