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Stress Test Impacts Measured



The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years.


Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in Canada.


“…the cumulative impact of rising rates, a 2% or greater stress test, provincial government rules in Ontario and British Columbia, and further lending restrictions are negatively suppressing housing activity, not just in Toronto and Vancouver, but throughout the country,” said Paul Taylor, President and CEO of Mortgage Professionals Canada.


Will Dunning, the report’s author and the association’s chief economist, added that aside from the new mortgage lending policies “unduly suppressing” housing activity, consumers are now taking a materially more negative outlook towards housing.


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