Mortgage Stress Test Sidelining Young Buyers + MORE Aug 22nd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Mortgage Stress Test Sidelining Young Buyers

– canadianmortgagetrends.com

New data shows the country’s youngest buyers are being affected most by the government’s mortgage stress tests. Mortgage originations were down 8.9% overall in Q2, while those among buyers between the ages of 18 and 25 were down 13.4% compared to last year, according to TransUnion’s latest Industry Insights Report. This marks the fourth consecutive […]

Continue Reading On canadianmortgagetrends.com »

Mortgage Rates are still trending Lower… Yes, in August!
A couple years ago, the federal government brought in some tighter mortgage qualifying rules. The ‘stress test’ was just one of several changes, but it’s definitely the most well known.
The feds wanted to slow the housing market. They also wanted to ensure that borrowers could afford the much anticipated mortgage rate hikes. Rates have to go up some time, right?! When?!

Well, let’s fast forward to 2019! The real estate market has cooled off with fewer transactions in both 2018 and 2019. The government’s wish was granted. Fewer people could pass the stress test. But those imminent rate hikes never happened.
Today, you must qualify with an interest rate that is DOUBLE your actual contract rate. Yes, DOUBLE!
Another popular phrase? Housing Bubble…
The real estate market has to crash, right?! Well, it seems like the expected rate increases and housing bubble just haven’t materialized. In fact, interest rates have come down by around 1% since January 2019…

Continue Reading On canadamortgagenews.ca »

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