New mortgage stress test rules will make it harder for first-time homebuyers: experts

Author: External Author | | Categories: Mortgage Broker , Mortgage Professional , Mortgage Refinance , Mortgage Services

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.

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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/



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