CHBA president to talk housing affordability with feds

CHBA president to talk housing affordability with feds

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CHBA president to talk housing affordability with feds

Remi Network

Bob Finnigan, president of the Canadian Home Builders’ Association, or CHBA, heads to Ottawa this week to talk to the federal finance committee about housing affordability. Of particular concern for the group is one of the latest changes to mortgage rules, which expanded an existing stress test from a limited pool of prospective homebuyers to all insured borrowers.

The stress test raises loan eligibility rules by requiring prospective homebuyers to qualify for mortgages at a higher interest rate than what they will actually pay, as a way to gauge their ability to absorb interest-rate hikes. In some cases, the move disqualified prospective homebuyers who qualified for mortgages under the old rules, said Finnigan, and it has adversely affected markets outside of active regions such as Toronto and Vancouver.

https://www.reminetwork.com/articles/14503/


 

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