The Star: Is the mortgage stress test making Toronto’s housing crisis worse?

We may be mortgaged to the hilt, but Canada’s loan default rate is still tiny: Just 0.3 per cent. We’ll do anything to ensure we don’t miss those payments. We juggle credit cards and car loans and postpone paying our home equity lines of credit, but that doesn’t help with our overall debt level, which hit a record high at the end of last year — we now collectively owe 178 per cent of our disposable income. [...] Siddall’s letter relegates some of the stress test criticism to the “plain self-interest” of groups such as the Canadian Home Builders Association, Mortgage Professionals Canada and the Ontario Real Estate Association, which have all argued for changes. Read more...


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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988