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

23 February 2017

Millennials could become the lost generation for real estate ownership Millennials would like to own property. According to statistics, 8 out of 10 m...Read more >>

22 February 2017

Federal government tools to curb real estate price growth may have little effect. There is an argument between observers and think-tanks on the issue...Read more >>

17 February 2017

Mortgage rules changes are causing weaker sales activity In addition to making it even harder for first-time buyers to qualify for a mortgage and get...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