Canada bans foreign home buyers for two years

Re:Canada bans foreign home buyers for two years by jejeyyy77 on Tuesday April 19, 2022 @09:08AM (#31082575)

Stress test currently means you need to qualify at 5-6% if you have 20% down.

If you are putting less than 20% then the stress test is even higher.

I doubt we will see 5-6% interest rates in the next 5 years.

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Re:Canada bans foreign home buyers for two years by noirbot on Tuesday April 19, 2022 @09:25AM (#31082759)

Tell that to the 5.1% rate a friend of mine just got on a new home purchase with >20% downpayment. I dunno if rates are a lot better in Canada or something, but we're already in 5-6% range in the US for some properties. They had excellent credit too.

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Re:Canada bans foreign home buyers for two years by jdsully on Tuesday April 19, 2022 @11:25AM (#31084405)

US mortgages are 30yr fixed. In Canada you cannot get a fixed rate for that long and 5 years is the norm - everyone here effectively has an ARM. This is why rates are almost always higher in the US.

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Re:Canada bans foreign home buyers for two years by jejeyyy77 on Tuesday April 19, 2022 @10:26AM (#31083600)

Interest rates are still at 2.5% in Canada. Still a ways off from 5-6%.

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Re:Canada bans foreign home buyers for two years by freeone3000 on Tuesday April 19, 2022 @10:28AM (#31083619)

Rates are better in Canada. 2.3% is within the norm.

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