EnglishРусский


xhamster porno

I Would Like to be Contacted

First name:
Last name:
Phone:
Email:
Comments:

Validation code:
   * All fields are mandatory

Contact Information

2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





3 January 2017

Bank of Canada is warning about sharply growing housing debt level

Almost a third of recent homebuyers in Canada who had high-ratio mortgages, wouldn't be able to qualify for the same mortgage now, as they wouldn’t meet the new requirements introduced by the government last fall.

That’s one of the facts included into the central bank’s twice-a-year report, which focuses on the strongest risks to the national financial system.

The report called the Financial System Review points to a well-known issue as the main threat to Canada’s economy – a high debt level caused by sharply growing real estate prices.

Last year, Ottawa took several steps on reducing the debt level. For example, today the government requires stress tests for borrowers’ financial state in order to prove they can afford paying down their loans in case of an interest rate hike.

According to the BoC’s report, released on December 14, nearly one-third of high-ratio mortgages, which were provided to borrowers before September 2016, wouldn’t qualify under the current rules.

In spite of those new measures, the Bank sees even more homebuyers who take larger debts that they can afford with their income level. The Bank says about half of new high-ratio borrowers in Toronto exceed this threshold. In Vancouver, it’s 39%. In Toronto, such large mortgages are spreading to Oshawa and Hamilton, as well.

"In those markets, we can see the proportion of mortgages with ratios higher than 450% doubling during the previous three years, rising from 10% to even 25%," – the Bank says.

Nationally, almost a third of borrowers who got their high-ratio mortgagees last year wouldn’t be able to qualify under the new requirements today.

 

 

Add comment


Security code
Refresh

News

29 March 2017

Ontario will replace Tarion by a new regulator for province’s home builders The Ontario government decided to appoint a separate regulator to control...Read more >>

28 March 2017

Charles Sousa aims at cooling down Ontario’s real estate market Finance Minister Charles Sousa is going to include into the spring budget measures t...Read more >>

27 March 2017

Condo sales in Toronto hit another record The latest press release from Building Industry and Land Development Association (BILD) shows that condo sa...Read more >>
Licence# 10349


7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
© 2010 Michael Tulchenetskiy & Denys Derzhavets Mortgage Brokers. All Rights Reserved