The new reality of the Real Estate market
Homebuyers in Vancouver have a new reality to face with the new mortgage rules and stress test introduced earlier this year by Canada's banking regulator. This test was meant to keep homebuyers from taking on risky levels of debt. However, the reality of the situation is that this test has changed what first-time homebuyers can afford.
The real question here is reduced buying power an intended or unintended consequence of the stress testing? Should first-time homebuyers succumb to their small home budget fate? Read this article from the Vancouver Sun and decide for yourself!