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New Proposed Rules Will Reduce Your Buying Power

New Proposed Rules Will Reduce Your Buying Power

A proposal by Canada’s banking regulator to expand “stress tests” for mortgage borrowers will reduce how much house Canadians can afford by 21 per cent, says a new report from mortgage comparison site Ratehub. Reducing affordability by that much is likely to lead to a 10- to 20-per-cent decline in house prices, said James Laird, […]

First-Time Buyers Beware!

First-Time Buyers Beware!

If you’re a first-time homebuyer hoping to live in the big city, beware the government’s new borrower “stress test.” It could relegate you to the ’burbs. The new rule requires all insured borrowers to prove they can afford a payment at the posted five-year fixed rate (which is currently 4.64 per cent). That could kill […]