{"id":3674,"date":"2018-05-30T07:09:54","date_gmt":"2018-05-30T07:09:54","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=3674"},"modified":"2021-04-01T08:51:45","modified_gmt":"2021-04-01T08:51:45","slug":"how-the-mortgage-stress-test-is-affecting-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/how-the-mortgage-stress-test-is-affecting-the-housing-market\/","title":{"rendered":"How the Mortgage Stress Test is Affecting the Housing Market"},"content":{"rendered":"

Matrix Mortgage Global \u2013 How the Mortgage Stress Test is Affecting the Housing Market<\/strong><\/p>\n

\"Mortgage<\/p>\n

 <\/p>\n

We are just now starting to see the effects of Canada\u2019s new mortgage stress test on the Canadian housing market. Since the new regulations were introduced in January, Canada\u2019s hottest housing markets \u2013 Toronto and Vancouver \u2013 have been seeing year over year declines each month.<\/p>\n

According to Robert Hogue, senior economist for RBC, we can expect the housing markets to stay cool for some time to come. Year over year housing sales in Toronto and Vancouver were down in May 2018 by 22.2% and 35.1% respectively.<\/p>\n

The beginning of the decline in the Toronto housing markets began in May 2017 when the provincial government introduced Ontario\u2019s Fair Housing plan at the end of April. In Vancouver, similar measures were introduced by the BC government in their 2018 budget.<\/p>\n

With the introduction of the federal mortgage stress test this past January, the downward pressure on the markets has increased because, for buyers, the test often means that the amount of mortgage they can qualify through a federal lender has been reduced.<\/p>\n

Despite declining housing sales, Hogue says that this is only a market correction and not anything to worry about. Benchmark prices in both Vancouver and Toronto are still climbing month over month and this is an indication that the economy is still healthy.<\/p>\n

How mortgage brokers can help<\/em><\/p>\n

With all the new mortgage and home purchasing regulations that have come into effect within the last year, would-be home buyers would do well to seek the advice of a professional mortgage broker. Mortgage brokers work with a wide range of lenders \u2013 some who are legally required to apply the financial stress test \u2013 and others who are not.<\/p>\n

For those who cannot meet the financial stress test, there are other options available that your mortgage advisor can discuss with you.<\/p>\n

Through the help of a mortgage broker, prospective homebuyers can examine their own finances and receive advice on the most appropriate lender and best type of mortgage for their situation.<\/p>\n

Considering how high housing prices have soared in Toronto and Vancouver over the past few years, those looking to purchase homes in those cities should view declining markets as something positive.<\/p>\n

If you are looking to purchase a home in the near future and require a mortgage, then contact Matrix Mortgage Global today at 1-877-542-0610. A member of our team will be happy to help you navigate Canada\u2019s new mortgage rules.<\/p>\n

 <\/p>\n

 <\/p>\n

Source: http:\/\/news.buzzbuzzhome.com\/2018\/06\/mortgage-stress-test-going-cause-dip-canadian-housing-market-rbc.html<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Matrix Mortgage Global \u2013 How the Mortgage Stress Test is Affecting the Housing Market   We are just now starting to see the effects of Canada\u2019s new mortgage stress test on the Canadian housing market. 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