CMHC defends mortgage stress test changes amid calls for loosening rules – Penticton Western News

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(Special) – In spite of all the economic and political uncertainty that is going on in the world today, Canadians seem to be pretty optimistic about the coming year. A new national poll for Motive Financial, formerly known as Canadian Direct Financial, a division of Canadian Western Bank, shows that 90 per cent of Canadians [.]

The CEO of Canada Mortgage and Housing Corporation is forcefully defending mortgage stress test rules and warning federal policy-makers to hold the line amid calls for softening the measure from . . .. CMHC defends mortgage stress test changes amid calls for loosening rules.

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**2019 Mortgage Rules Update – 2019 Federal Budget** There have been several changes to the mortgage rules in Canada over the last 3 years. The most recent and future changes popped up in the just-proposed 2019 federal budget i.e. the First Time Home Buyer Incentive which is aimed at helping first-time homebuyers afford a home in Canada’s ‘hot’ real estate market.

OTTAWA – Canada Mortgage and Housing Corp. says the pace of housing starts slowed in May. The housing agency say the seasonally adjusted annual rate of housing starts slipped to 202,337 units in May, down 13.3 per cent from 233,410 units in April. Economists on avearge had expected an annual rate of 205,000, according to Thomson Reuters Eikon.

Due to new mortgage rules that went into effect Jan. 1, 2018, all homebuyers getting either a high-ratio mortgage (those with a down payment of less than 20% on the purchase price on a home) or an uninsured mortgage (those with a down payment of at least 20%) are now subject to a mortgage stress test and have to qualify at a rate that’s.

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CMHC defends mortgage stress test changes amid calls for loosening rules Aleksandra Sagan, The Canadian Press, at 18:05 on May 23, 2019 The CEO of Canada Mortgage and Housing Corporation is forcefully defending mortgage stress test rules and warning federal policy-makers to hold the line amid calls for softening the measure from industry.

 · Canada would need a “calamity” in the housing market to warrant adjusting the mortgage stress test, which is helping affordability, according to the head of Canada’s national housing agency.

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