What are the new mortgage rules and how do they affect you?

New mortgage rules introduced in 2018 will require all Canadian homebuyers to undergo a mortgage stress test, even if your down payment was 20% or more. Whereas previously you only had to complete a stress test if your down payment was less than 20%. The new stress test means that you will have to qualify for your mortgage using the “minimum qualifying rate”. As a result, the minimum qualifying rate will increase to 5.25% or two percentage points above the market rate (whichever is higher) as of June 1st, 2021.

We Simplify the Buying Process despite the New Mortgage Rules

Certainly, there’s no better feeling than opening the door to your new home. Whether you’re an experienced buyer or a first-time buyer, there may still be parts of the process that you find confusing or overwhelming, especially with the new mortgage rules in place. That is to say, the expertise and guidance that we offer at Only Simple can really come in handy. To help you get into your new home sooner, we’ve made the process SIMPLE.

The Process

1. Initial Consult

Firstly, you will connect directly with one of our Mortgage Agents so that we can fully understand your situation and do what’s best for you.

2. Application

We will guide you through filling out an application and ensure you have everything together to put in your application for a new mortgage, mortgage refinance, or mortgage renewal.

3. Negotiation

We will negotiate with multiple lenders (50+) on your behalf to get you the best mortgage for your situation.

4. Mortgage Decision

We work with you to understand all of your mortgage options and advise you on the best one for your situation.

5. Mortgage Finalization

Finally, we oversee getting all of your paperwork over the finish line and ensuring that you are all set with the best mortgage for you.

Benefits of a Mortgage Broker / Agent

More Products

When you deal directly with a bank, they can only offer you products that they have. Similarly, when you deal with an Agent, they offer you the same products but from different institutions. As a result, giving you more choices and more access to the best mortgage for you.

Better Rates

Agents have access to many different products, giving you more options and a chance at a better rate. Agents also sometimes get special discounts that they can offer to their clients.

Easy to Use

Agents have access to multiple products from different institutions. That is to say, only one application is needed to negotiate with all of the different lenders.


When getting a conventional mortgage, agents get paid by the institution. Therefore, the client doesn’t need to pay anything extra.

Expert Advice

Agents deal with cases all day and gain expert experience involving mortgages. Meanwhile, we take these learnings and help our clients navigate their mortgage needs.


Agents aren’t limited to one lender and take this opportunity to do what is best for their client. Giving them the best option that is right for them.

Don’t let these new mortgage rules scare you, you are not on your own.

Navigating the new mortgage rules can be complicated, but you don’t have to do it alone. To talk through your options, get in touch with us.

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