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Blog by Micah Verceles

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Market Update: Banks Calculating Lines of Credit


Both TD & RBC this past week implemented new calculations on how they will deal with existing secured lines. In the past they would do a stress test payment based on the outstanding balance. Now they are basing the payment ON THE AVAILABLE LIMIT in qualifying.

Obviously, this will reduce borrowing. Immediate impact will be for those borrowers who are buying another place but have an existing LOC in place that may have no balance on it. Only one I can think of now. This has happened due to OSFI back channel to tighten things some more. As this is monkey see, monkey do business watch for Scotia to be doing the same shortly I believe.