As you may have heard, there is a new “Stress Test” that will be taking place on June 1, 2021.
I had the opportunity to ask Chris Molder, a mortgage broker from Tridac Mortgage, about the changes and how it affects home buyers.
The stress test is increased from 4.79% to 5.25% and now affects both insured and uninsured mortgages.
So if you need a mortgage of $1,000,000, your purchasing power is reduced by about $50,000.
The real estate market should still be very strong because this change only affects buyers who are already at their maximum borrowing capacity.
So is now the right time to buy?
Let’s have a chat.
If you have any questions about Toronto real estate, please call or text Lawrence at (416) 276-4895.
For mortgage questions, call Chris Molder at 416-732-8020.
Lawrence Mak
Real Estate Broker, EXP Realty
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