90% of all mortgages are low ratio mortgages in Vancouver. This means they were exempt from the previous stress test. This is per the Bank of Canada’s most recent financial stability review.
Highlights of their report here: http://vancitycondoguide.com/boc-financial-review/
With the mortgage stress test estimated to reduce borrowing power by 20% in the new year, I am currently witnessing a lot of activity in the market as buyers scramble to get in before 2018. Many mortgage brokers are confirming the surge in volume.
90% of Vancouver Real Estate Buyers Dodged the Last Stress Test But Won’t This Time Around #buy #RealEstate in #Canada
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