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Mortgage lenders 'swamped' as homebuyers race to beat new stress test rules

byAdvisorAnalyst
October 17, 2016
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Lenders 'swamped' as homebuyers race to beat new stress test rules.

  • Canada’s mortgage lenders are “swamped” as homebuyers rush into the market ahead of new rules that will undercut the average family’s home-buying power.
  • Ottawa’s latest attempt to take risk out of the housing market will, quite simply, make it harder for Canadians to get a mortgage after this weekend.
  • “The Department of Finance didn't give homebuyers much forewarning, just two weeks -- and that was by design,” Rob McLister, founder of RateSpy.com, told BNN in an email.
  • “Most mortgage finance companies are swamped.”

Copyright © BNN

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