Real Estate News

Tougher mortgage rules could shut out 50,000 potential home buyers a year: report


Mark Blinch

Tougher mortgage stress-testing rules could make it impossible for 40,000 to 50,000 Canadians to buy a home each year, driving down real estate sales and reducing the anticipated pace of new mortgage-lending growth, according to a new analysis.

A report by Mortgage Professionals Canada, a national mortgage-broker industry association, forecasts about 18 percent of home buyers – or about 100,000 people a year – would not qualify for their preferred home purchase option under new rules announced in October by Canada's banking regulator, the Office of the Superintendent of Financial Institutions.

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