Now lets take the same person and apply the new rules:

Annual Income: $50,000 
Total Mortgage Loan they would qualify for: $235,223.80
Property Taxes: $1,500
Condo Fees: $300
Current interest rate: 2.39%
Current Qualifying rate: 4.64
Monthly Liabilities: $0.00 (for argument sake)

This means if you are putting less than 20% down, the new rules will drop your purchase price $60,036.20 (based on this example)!!!

If you would like this explained any further, or even if you want me to do a quick preapproval so I can show what your example would look like contact me right away!

You still have time to purchase a property before the new rules. I can put you in touch with some great realtors who work efficient and fast to get you in the market before the new rules come into play.

Shari Letsos
Mortgage Professional
Cell: 604-723-7721
Sletsos@dominionlending.ca
Dominion Lending Centres Mountain View
Website: www.ShariLetsos.ca