Stress test must be revised to reflect market realities – economist
Improved purchasing power will stem from the mortgage stress test being updated to reflect the sub-2% rates currently available in the market, according to economist Will Dunning.
The disparity is particularly jarring when one considers that new borrowers are tested against an interest rate of 4.79%, Dunning said in an interview with the Georgia Straight.
Original Article Source Credits: Mortgage Broker News , https://www.mortgagebrokernews.ca/
Article Written By: Ephraim Vecina
Original Article Posted on: 11 Sep 2020