CMHC defends mortgage stress test changes amid calls for loosening rules – Agassiz Harrison Observer

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The head of the federal housing agency is raising a red flag about the state of Canada’s real estate sector, saying affordability concerns have spilled over from the country’s two most expensive.

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– CMHC CEO defends mortgage stress test changes amid calls for loosening rules imf warns easing canada’ s housing rules would be ‘ill-advised’ Vancouver’s dirty money figures: The smoking gun that wasn’t

CMHC’s senior V-P of insurance says decreased volumes have been steady throughout the year as a result of new federal regulations. Tougher stress-testing hits CMHC mortgage insurance volumes.

On October 3, 2016, Canada’s Finance Minister announced the latest round of mortgage rule tightening: a more stringent mortgage stress test for borrowers looking to get a new mortgage.CNN – Breaking News, Latest News and Videos – View the latest news and breaking news today for U.S., world, weather, entertainment, politics and health at.

In this episode, we talk with Mujtaba Syed, Manager – Mobile Mortgage Specialist with TD Canada Trust, and review the new rules, explain what the stress test is and how impacts future homeowners.

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CMHC Stress Testing Confirms Ability to Withstand Extreme Scenarios. "Rigorous stress testing is an essential part of our risk management program and allows CMHC to evaluate its capital levels against these scenarios." This year’s tests confirm that CMHC’s capital holdings are sufficient for even the most extreme scenarios.

In Ontario and B.C., these new mortgage rules and stress tests are in addition to the foreign buyers and speculation taxes. The OSFI introduced new mortgage rules effective in 2018. New mortgage borrowers now need to qualify at a higher mortgage rate even if they have a 20% down payment in 2019.

Find out how this will change the buying power of Canadians looking to purchase a home. finance minister bill morneau announced new measures on Oct 3 2016 which might impact the buying potential.

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What that means is that even if you get a mortgage rate of 2.94%, the new stress test requires that you qualify for a mortgage of 5.14% – even though you’ll still be paying the contracted 2.94%. For most, that will mean qualifying for a home that costs 20% less than they would have prior to the new stress test rule.