2 months Taylor Little: Homebuyers need more transparency, not another mortgage stress test Vancouversun -Opinion
Just over a year ago, the mortgage stress test was imposed in Canada. The result was that many Canadians who had previously qualified for a conventional mortgage no longer made the cut, failing to demonstrate that they could support payments at rates two percentage points above what was offered by conventional lenders. In January, rumblings of new overreaching stress tests lurched forward again, this time aimed at restricting lending activity in the non-federally regulated sector. Unlike the B-20 stress test, the proposed stress test for alternative lenders was promptly denied by Finance Minister Bill Morneau, instead sparking renewed discussion around the realities ... more