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Phone:     905-761-7001
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14 May 2019

Opposition leader wants to ease mortgage stress tests

Canada may see some changes to mortgage stress tests, but it all depends on the results of the October federal election.

Official Opposition Leader Andrew Scheer wants to review the stress test implemented in January 2018. It depends on whether the head of the federal Progressive Conservative outpaces Liberal Prime Minister Justin Trudeau during the election race.

Scheer commented on this issue on Friday at the Canadian Home Builders’ Association’s National Conference.

“The new measures led to undesirable consequences,” – Scheer noted.

As you know, according to t he new rules, uninsured-mortgage applicants have to qualify at a rate 2% higher than the contract one.

Scheer admits that it’s necessary to protect credit markets from risks of major problems. However, he believes first-time homebuyers who can manage their mortgage payments shouldn’t be pushed out of the market.

Moreover, today’s rules require one more stress test for existing borrowers who want to switch their lenders, even if they have already passed it.

“There are no public goal achieved due to this rule, so we need to change that”, - he noted.

“As a result, you depend fully on your first bank”, - Sheer underlined.

Earlier this year, Phil Moore, president of the Real Estate Board of Greater Vancouver, also suggested the same changes. According to him, borrowers are just hostages with their first banks, as they are limited in possibilities to shop around and find a lower rate, and this is not fair.

 

 

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