New Mortgage Rules For Home Buyers In Winnipeg

New Mortgage Rules in a nutshell: The Who, What, Why and How!

For the video transcript about the new mortgage rules, click on this down arrow.

Who will be affected by these new rules?

Anyone buying a house or condo with less than 20% down WILL be affected. IE: CMHC or Genworth.  Buyers with more money down may be unaffected, but please check with lender.

What did they change?

There are several factors in the new rules, but the main one I want to focus on is the new qualification level. Under the old system, buyers would get qualified for the interest rates they can get from a bank or lender.

Under the new rules. Buyers need to qualify for the POSTED rates.

SO while a buyer can get 2.4% from some lenders, they need to qualify for the posted rate This rate is currently around 4.6%

Why did they create these new mortgage rules?

The government is concerned about Canadians over-extending themselves credit-wise. Entry level homes in Toronto and Vancouver might be $600K, and a first time buyer might qualify at the current 2.4% interest rate.

But what if rates go up half a point, or even a whole percent? Those same buyers might be house poor, and could even lose their home if they are unable to make the new payments.

On that note, current rates are at an all-time low. I saw an interest rate chart that went back to 1776 in the U.S., and the average rate historically was around 6%. So it’s not a matter of IF interest rates will rise, it’s a matter of when.

How will this affect home buyers?

For example, if under the old system a buyer would be qualified for a $300,000 home at 2.4%, that same buyer would now only qualify for a $250,000 home.

To put another way, lets assume you were buying a $350,000 home. Under the old system you would need to have an annual income of $60,000. Under the new rules, your annual income would need to be $73,000.

Need a good mortgage contact?  Ask your real estate agent for a referral!


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Great video, good choice Carmen, but i think we should now our capability before taking higher rates and decreasing the payment period. I’m honestly agree with the video, but also so many people go broke after did that.

I think the new mortgage rules seem harsh especially to first time home buyers. First time home buyers have to have a higher annual income just to qualify.

Thank you for the videos. So this is the new rule for home buyers. They increase the interests though. I hope people in Winnipeg can afford this.

I too agree with Carmen’s choice. But what if your salary is lower compare to others? 25 years should be the perfect choice even though you have to pay for it in a longer time frame.

Because of this new system, most people will probably search for lower price houses or condos. I hope they will able find a decent place to stay.

Like! These new rules are even better. This would be an advantage to many people who are saving.

So you should have higher profit compare from the last one. I too agree with Carmen’s decision. Pay it in minimal years rather that paying it for a long time.

I like Carmen’s choice. It is better to pay mortgage in a higher rate for 20 years than paying it in 25 years. She can save a lot from the interests.


Thanks for the update! Good to be in the know before making a down payment on a house.

Very informative video! The new mortgage rules sounds tough. Home buyers in Winnipeg should be aware of these rules.

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