Canada's Mortgage Stress Test Moves Higher As Credit Tightens
Автор: Steve Saretsky
Загружено: 2018-05-12
Просмотров: 3449
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Following an increasing in borrowing rates from Canada's big banks, the mortgage stress test benchmark moved higher from 5.14% to 5.34%. This will reduce borrowing power by about 1%, on top of the 20% reduction the stress test has already brought.
http://vancitycondoguide.com/mortgage...
There is a direct correlation between mortgage credit acceleration/deceleration and home prices. With tighter borrowing conditions and higher rates this will put pressure on home prices. As the famed John Mauldin has said recently, we no longer have business cycles, but credit cycles. Economies, and asset prices such as real estate are heavily dependant on monetary policy.
We are starting to see some slowness in the pre sale condo space in Vancouver. The absorption rate has dropped to 43% in April per MLA Marketing, a pre sale development marketing firm. This goes hand in hand with what I mentioned last week that we are starting to see big Realtor bonuses and decorating incentives at new developments.
http://vancitycondoguide.com/vancouve...
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