Is change needed in mortgage qualifications? Current tests require that a new borrower be able to afford a payment that is two percentage points above the actual contracted interest rate.
The federal governments regulations about residential mortgages have become unbalanced, and the rules are causing more harm than good.
One significant concern is about the mortgage stress test that are required by the Office of the Superintendent of Financial Institutions (OSFI). Sure, testing is necessary, but these test are excessive.
Change in interest rates are one thing, how about a big change in policy?
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