Sentences with phrase «new mortgage stress test»

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.

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).

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.

The fallout from OSFI's new mortgage stress test continues to play out across the mortgage industry.

Effective Jan 01, 2018 OSFI will be implementing new mortgage stress test which affects all residential mortgage seekers with or without 20 % down payment.

A report from Royal LePage says the purchasing capacity of the important millennial consumer group has been reduced by 16.5 per cent, partly because of the new mortgage stress test.

New mortgage stress tests are pushing some borrowers from the big banks to alternative lenders charging higher rates.

And that's what we experienced after the new mortgage stress test was announced in October 2017, nationally.

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There still seems to be some confusion out there about the new mortgage stress test.

During the segment, I mentioned how the new mortgage stress test could reduce the purchasing power of homebuyers by about 20 %.

While the residential, detached market is the most expensive property type, it's also one of the most vulnerable to the recent government policy, such as the new mortgage stress test, which is aimed to slow down the nation's housing market.

The Globe and Mail — March 22, 2018 — Since the Office of Financial Institutions has introduced new mortgage stress tests, fewer Canadians qualify for a bank mortgage.

Under OSFI's new mortgage stress test, it will be tougher to qualify for a home equity line of credit (HELOC) with lenders.

April is usually the start of a spring housing market ramp - up, but this year the new mortgage stress test and rising mortgage rates have continued to be a negative factor.

During the segment, I mentioned how the new mortgage stress test could -LSB-...]

Firstly, there was Ontario's Foreign Home Buyer Tax that began in April, next came the Rental Fairness Act in May, and lastly a new mortgage stress test will begin in January.

If you're in the market for a home, you're probably wondering how the new mortgage stress test affects your home buying power.

The market has been hit by a confluence of policies: Ontario's Fair Housing Policy, including a foreign buyers» tax aimed at cooling the market; a new mortgage stress test targeted at protecting Canadians from dangerously high household debt levels; and the Bank of Canada's moves to increase interest rates.

In a nut shell this new mortgage stress test is a stressor for many home buyers.