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Episode Synopsis "New “Mortgage Stress test” slamming breaks on the Canadian housing market or IS IT?"
New “Mortgage Stress test” slamming breaks on the Canadian housing market or IS IT?The new stress test is the latest in a series of policy changes and rules aimed at ensuring Canadians can afford their homes, even if interest rates rise.“Uninsured borrowers can qualify for a mortgage today at rates as low as 2.97% on a 5-year fixed term. In a few months that hurdle will jump to almost 5%.”It is believed that at least 1 in 6 mortgagors with 20% equity could be affected by the new guidelines.To further break it down, when January 1st, 2018 comes around, people will need almost 20% more income to qualify for the same size mortgage that they can get today.In our latest video, I walk you through the immediate effects on the local GTA housing market. Plus, I make predictions on what to expect in what should normally be a “hot spring” market.
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