Hello everyone.

Here is my situation. I am moving to another job and my wife and I need to sell our condo in metro Vancouver. We are going to have at least $150K profit from the sale, if not more. Where we are moving to, single detached houses go for about $500-600K

We want to buy a house, and use the profit from the sale of this condo to use as down payment on the house, and then have a little bit extra left over for 'stuff.' But we are concerned with the new mortgage rules that are coming, as we don't exactly know what the game is.

We expect to have a 20% down payment, maybe more, on the new mortgage. So the question is, will we have to qualify for the new mortgage at the BoC rate of 4.64%? Or are we given a pass because of the large down payment?

My understanding is that since we have the 20% down, we do not need to qualify for CMHC insurance, and thus do not have to worry about these new rules. Or, am I misinformed here? My wife is of the mind that we have to qualify regardless of downpayment, but once qualified we can get a discounted rate.

No, we haven't spoken to a mortgage broker yet. We need to get our place sold first, then worry about the other end.

Any insight would be great.