Industry group Mortgage Professionals Canada (MPC) have raised some issues regarding the stress test, specifically its capacity to deter many Canadians from the home market. For this reason, the association is asking the government to reassess such policies.
While the government's good intentions regarding these regulations were acknowledged, MPC said that there is a need to address the condition of many Canadians – millennials, single parents, or recent immigrants – who are seeing increased difficulties when it comes to in owning a home.
"Fewer Canadian now are able to obtain the mortgage they need to acquire a home, and many sellers now find fewer buyers to sell their home too," said MPC President and CEO Paul Taylor.
“As we first outlined at…