Sentences with phrase «new mortgage stress testing introduced»

Not exact matches

Phil Soper, chief executive of real estate company Royal LePage, said the new stress test for uninsured mortgages introduced by the Office of the Superintendent of Financial Institutions has «interrupted» the flow of move - up home buyers looking to upgrade from their entry level home or move to a more desirable location.

However, the government is reluctant to provide any stimulus to the housing market at the same time it's introducing measures like the new mortgage stress - test rules to slow down consumer debt.

June, 2012: Another round of rule changes introduced a stress test reducing the maximum amortization period down to 25 years for high - ratio insured mortgages; a maximum debt load of 44 per cent of income on all mortgages regardless of loan to value; a new maximum loan to value of 80 per cent for refinances; limiting government - backed insured high - ratio mortgages to homes valued at less than $ 1 - million and and creating a maximum 65 % loan to value on lines of credit unless combined with a mortgage component.

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.

«Newly introduced mortgage regulations mean that starting January 1st, all home buyers applying for a new mortgage will need to pass a stress test to qualify for mortgage financing,» he stated.

A new stress test was also introduced to ensure that debt costs are no more than 44 per cent of income for lenders seeking a high - ratio mortgage.

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).

Today, the Office of the Superintendent of Financial Institutions (OSFI) introduced a new minimum qualifying rate — a.k.a «stress test» — even for uninsured mortgages, which have down payments ofpercentcent or more.

Canada's banking regulator introduced new rules on Tuesday that extend the requirement for a mortgage stress test to all homebuyers, including those with larger down payments.