Elio Parente - Personal Real Estate Corporation

Cell: 604-720-8829 |

Greater Vancouver’s real estate board calls on Ottawa to ‘tweak’ mortgage stress test

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.

READ MORE: Could you pass the mortgage stress test? Here’s how to find out

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.”

WATCH: Coverage of the mortgage stress test on Globalnews.ca


Credit to



Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.