Ten per cent of Canadians no longer qualify for a mortgage with banks.

Friday, March 8, 2019Norm Rousseauposted in General

When a mortgage stress test was first unveiled in late 2017 by the Office of the Superintendent of Financial Institutions (OSFI), it was to support the goals of keeping future Canadian homeowners’ financial “heads above water” and preventing “loose” lending. Downward TrendAfter more than a year in play, it is now apparent that the stress test is causing more harm than good, effectively closing a door in the faces of first-time homebuyers. The time has come for policy-makers to consider how to incentivize homebuyers in Canada, not penalize them.

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