New mortgage stress test rules take effect. Here’s what you need to know
Starting June 1, Canadian homebuyers will face tougher mortgage stress test rules that will decrease the buying power of most borrowers.
The move, announced by the country’s banking regulator in May, was in response to an overheated market that has already started to see signs of cooling.
Original Article Source Credits: Global News , https://globalnews.ca/
Article Written By: Nicole Gibillini
Original Article Posted on: June 1, 2021
Link to Original Article: https://globalnews.ca/news/7908024/new-mortgage-stress-test-rules-june-1-explainer/