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Greetings from Mexico as I’m writing to you while on vacation with Anita.
I will tell you why we are in Mexico in a moment.
Wow! It was a busy and crazy month of October on so many levels.
Business-wise, I secured more listings, conducted numerous home showings and placed offers on quality homes that offered value for my buyer clients that, unfortunately, fell through.
Perhaps you may have heard or read about from, Canada’s banking regulator,
The Office of the Superintendent of Financial Institutions (OSFI) recent announcement of its new stress test on qualifying buyers for mortgages. As of January 1, 2018, all new mortgage applications (regardless of down payment size) will need to qualify at a rate equal to 2% higher than the contract rate being offered, or the posted bank rate, whichever is higher. This means, for example, that buyers being offered 2.99% for a 5-year fixed rate will need to qualify at 4.99% because that’s higher than the current posted rate of 4.89%.
Therefore:
✔️ if you’re a buyer and you’ve been shopping around for a new home or condo, and waiting to see what “the market will do,” it is recommended to find out from a trusted mortgage professional what you’ll be qualified for now vs. after January 1, 2018;
or
✔️ if you’re a seller and you’ve taken your property off the market and are considering selling it in the spring or further into 2018, the implementation of this new rule may potentially decrease the number of qualified buyers looking for your property.
On a personal level, it is official! Myself and Anita got married in Ottawa on October 21.
Despite the stresses and challenges leading up to our special day, it was a success!
All of our guests and families enjoyed the festivities, along with the quality food and music they will never forget.
Overall, our special wedding day was memorable! 
We are currently on our honeymoon in Riviera Maya, Mexico as we are enjoying the sights, sounds, food, music and culture of the Mayan people.
Happy reading!☺
Best regards,
Michael B. Arthur
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