New mortgage stress test rules will make it harder for first-time homebuyers: experts
Canada’s new mortgage stress test rules are going to make purchasing homes a bit harder for first-time homebuyers, according to several mortgage and housing policy experts.
The new rules, which are set to come into effect June 1, ups the minimum qualifying rate, which is a gauge of whether borrowers can handle payments should interest rates increase.
Original Article Source Credits: Global News , https://globalnews.ca/
Article Written By: David Lao
Original Article Posted on: May 23, 2021
Link to Original Article: https://globalnews.ca/news/7885116/mortgage-stress-test-changes-2021/