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RBC no longer allows 100% financing

Blog by | November 2nd, 2012

As of Oct 31, RBC clients are no longer allowed to do 100% financing, and RBC cannot lend them their down payment. OSFI, government agency, is coming out with new lending rules, and this is probably the biggest. With RBC, if you have a firm approval in place by the end of November, then RBC can still proceed as long as the application was started before Oct 31st. This will affect buyers who were looking at doing 100% financing.

Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty
Tel: 250.870.2792