CMHC defends mortgage stress test changes amid calls for loosening rules Posted on May 24, 2019 by Hafez Panju The CEO of Canada Mortgage and Housing Corporation is forcefully defending mortgage stress test rules and warning federal policy-makers to hold the line amid calls for softening the measure from industry associations.
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.
‘Critics of the stress test ignore the fact that high house prices are the overwhelming reason why home ownership is out of reach,’ Evan Siddall said
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CMHC defends mortgage stress test changes amid calls for loosening rules The increase was led by gains in Greater Vancouver and Vancouver Island, the Greater Toronto Area, London and St. Thomas. Helpful Links Below Please find the link below for the latest edition of JIGSAW Newsletter.
US home-builder confidence slips in June Home builder confidence dropped slightly for June, with a NAHB Market Index reading of 64, against a 66-reading last month, and a consensus expectation of 67. The Housing Market Index (HMI) is based on a survey of home-building members and is designed to get a read on the market for single-family housing.
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Tougher stress-testing hits CMHC mortgage insurance volumes. CMHC does not break out its business volumes by region, but said Ontario accounted for 33.6 per cent of national home buyer loans insured in the third quarter this year, down from 36.4 per cent in the same quarter last year.
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