CMHC defends mortgage stress test changes amid calls for loosening rules – Ladysmith Chronicle

CMHC insurance volumes plunged 41% after mortgage rules tightened. In its quarterly financial results posted Tuesday, the Canada Mortgage and Housing Corporation said that it insured just over 48,000 new mortgages between January and March, a 41 per cent decline from the previous three-month period.

What that means is that even if you get a mortgage rate of 2.94%, the new stress test requires that you qualify for a mortgage of 5.14% – even though you’ll still be paying the contracted 2.94%. For most, that will mean qualifying for a home that costs 20% less than they would have prior to the new stress test rule.

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"If we ease the stress test or extend mortgage amortizations, for sure it is increasing debt and it’s going to bump prices higher," he said. "And those aren’t good for the country.

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CMHC insurance volumes plunged 41% after mortgage rules tightened Canada’s housing agency saw a sharp decline in the number of home buyers who qualified for mortgage insurance under tougher rules.

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CMHC mortgage loan insurance takes into account your closing costs when calculating the amount of financing that they will insure you to carry. Land transfer fees, legal costs and other fees can run between 2 and 4 percent of the purchase price of the home and are often due at closing.

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Five previous federal housing moves since 2008. A new stress test was also introduced to ensure that debt costs are no more than 44 per cent of income for lenders seeking a high-ratio mortgage. refinancing rules were also tightened for a third time, setting a new maximum loan of 80 per cent of a property’s value.