Mortgage Stress Test Explained by Geraldine Santiago

We’re officially a month into 2018, and one full month into the latest mortgage stress test. Are you feeling the pinch? With the Bank of Canada’s latest interest rate hike, and more increases rumoured for 2018, if you’re looking to buy a home and sweating a bit about budget, you’re not alone.

But let’s take a step back and look at the stress test from a different perspective. Why was the stress test introduced? Concerns are mounting about the amount of household debt Canadians have been taking on. With interest rates hitting a record low, many stretched their home-buying budget (and mortgage amount!) to the max – particularly in Canada’s priciest housing markets, such as Greater Toronto and Vancouver. Attend our free home buying seminar SATURDAY, March 10 (North Vancouver) and March 24th (Vancouver) from 11-1pm. Pre-register as space is limited. or TEXT me for more info at (604) 764-6873

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