How is your summer so far?
There has been a lot of activity at The Ridge since my last update, sales ranging in prices from $365,000 up to the sale topper of $670,000. As of June 1st, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. Borrowers will need to prove they can afford payments based on the higher of the contract rate plus 2%, or a new floor rate of 5.25%, up from the current 4.79%. What does this look like as buyer? “The recent and rapid rise in housing prices is squeezing middle class Canadians across the entire country and raises concerns about the stability of the overall market,” Finance Minister Chrystia Freeland said in a statement. “The federal government will align with OSFI by establishing a new minimum qualifying rate for insured mortgages…It is vitally important that homeownership remain within reach for Canadians.”
For a Before and After picture of what the new numbers look like; sign up for our E-Newsletter today at TheRidgeAtBoseFarms.com/Sign-up
In Our Community
Thank you to everyone who purchased a 50/50 ticket to support Canuck Place Children’s Hospice.
Congratulations J. Sayers with the winning ticket #809744!
The Canuck Place Spring 50/50 raised $415,655 with $207,827.50 to the winner and $207,827.50 to Canuck Place.
These funds will be used to provide exceptional complex medical care, while helping children and families embrace living fully with the time they have left together.
Please stay in touch with Canuck Place by signing up for our newsletter by clicking here – we would love to share updates with you on the families you have helped.
Didn’t win this time? We’ll be hosting another 50/50 this fall – more information to come.Thanks again,
– Denise Praill
Chief Development Officer Canuck Place Children’s Hospice
Text or Call Natalie at 604-901-1417 To Feature a Community Update On Your Next Newsletter!