The Real Estate Board of Greater Vancouver is calling on Ottawa to revisit the mortgage stress test.
The board’s president Phil Moore questions whether the mortgage stress test introduced last year is still needed.
“It disqualifies people who can afford the payments, yet can’t buy a home that their family needs because of the harshness of the stress test requirements,” Moore said.
He added the board believes in responsible lending but there is a balance and the test has caused more harm than good in Vancouver’s hot housing market.
” It’s actually forcing more buyers in the lower price range, making that price range more competitive.”
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