CMHC defends mortgage stress test changes amid calls for loosening rules – Boundary Creek Times

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The mortgage stress test – what you need to know. On October 3, 2016, Canada’s Finance Minister announced the latest round of mortgage rule tightening: a more stringent mortgage stress test for borrowers looking to get a new mortgage.

So, whether or not you agree with the OSFI’s new housing regulations, the mortgage stress test will soon be a mandatory trial that all potential homeowners and those switching lenders must endure. If you’re applying for a high-ratio mortgage, you may have recently had to take the stress test.

As of July 31, low-ratio mortgage borrowers who take out CMHC insurance will be subjected to the same restrictions as high-ratio borrowers. These include: Debt-to-income requirements: 39 per cent for Gross Debt Service and 44 per cent for Total Debt Service ratios, respectively.

"If we ease the stress test or extend mortgage amortizations, for sure it is increasing debt and it’s going to bump prices higher," he said. "And those aren’t good for the country.

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.

3 Things to Know in the Housing Market Today! 3 Things to Know in the Housing Market Today! The Monica. – Some we just don’t know yet. The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown. 1. interest rates. One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money.

CMHC defends mortgage stress test changes amid calls for loosening rules uninsured borrowers must now show they could service their mortgage if rates rose two per cent B.C. woman left ‘black and blue’ after being pushed off 40-foot cliff at lake

CMHC insurance volumes plunged 41% after mortgage rules tightened. All in, the CMHC is now backing Canadian mortgages valued at $502 billion. That’s well below the cap of $600 billion that the CMHC must stay under, and it’s also a 10 per cent decline from a year ago.

Tougher stress-testing hits CMHC mortgage insurance volumes. CMHC does not break out its business volumes by region, but said Ontario accounted for 33.6 per cent of national home buyer loans insured in the third quarter this year, down from 36.4 per cent in the same quarter last year.