Sales are expected to moderate in the GTA this year amid rising interest rates, tighter lending criteria and new mortgage stress testing introduced by the Office of the Superintendent of Financial Institutions. (business.financialpost.com)
The Bank of Canada's move to increase the benchmark rate to 1.25 percent, which will drive up variable mortgages and consumer loans, was widely anticipated and comes only about two weeks after new mortgage stress testing rules were introduced by the Office of the Superintendent of Financial Institutions (OFSI). (hiva.ca)
The downturn in the market has been compounded by new mortgage stress tests for buyers like Khan and her husband, who bought a pre-construction home in Oakville in February 2017, just before the market dropped. (thestar.com)