He also said real estate groups are battling the stress test because they benefit from rising home sales. But real estate industry groups, including Mortgage Professionals Canada, argue the stress test should be modified because it is having too great an impact on home sales and is putting home purchases out of reach for many first-time buyers.
The Canada Mortgage and Housing Corporation is defending the mortgage stress test amid calls for the measure to be changed. President Evan Siddall says in a letter to the Standing Committee on Finance that the new measure is working as intended to lower house prices and protect Canadians from borrowing too much money.
In this episode, we talk with Mujtaba Syed, Manager – Mobile Mortgage Specialist with TD Canada Trust, and review the new rules, explain what the stress test is and how impacts future homeowners.
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What that means is that even if you get a mortgage rate of 2.94%, the new stress test requires that you qualify for a mortgage of 5.14% – even though you’ll still be paying the contracted 2.94%. For most, that will mean qualifying for a home that costs 20% less than they would have prior to the new stress test rule.
Mr. Siddall said the CMHC expected some decline in economic activity as home sales declined as a result of the stress test, but he believes the real estate sector has grown too quickly to account.
Homes are pictured in Vancouver on April 16, 2019. The Canada Mortgage and Housing Corporation is defending the mortgage stress test amid calls for the measure to be changed.