Homebuyers More Focused on Stress Test Than Rates

I am very honoured to be featured in the Globe and Mail’s article on the impact of the mortgage stress test on today’s homebuyers!

The stress test implemented in 2018 requires homebuyers to qualify for their mortgage using an interest rate 2.00% higher than their actual contract rate.  This can significantly impact the purchase price Canadians can afford now, particularly in markets such as Vancouver and Toronto.  

If you had been pre-approved prior to this stress test, please make sure you call your mortgage broker and walk through the numbers again!  If you are an existing homeowner who is wanting to sell your current home and purchase a new one, please also call your broker as you may not qualify for what you did prior to the new rules.

As always, please feel free to contact me with any questions regarding your mortgage or future homeowner plans – I will be happy to help however I can!

Meanwhile – here is the full Globe and Mail article!

patricia@patriciacollins.ca / 604-996-7701