Jan. 30, 2018 | Gerald Vander Pyl
Impact of new mortgage rules on Calgary housing market remains uncertain entering 2018
A new Canada-wide stress test for people applying for uninsured mortgages is leading to uncertainty among experts about the possible effects on the Calgary real estate market in 2018.
The federal government's new B-20 guidelines, introduced on Jan. 1, set out a new minimum qualifying rate or "stress test" for mortgages. Borrowers must qualify using the five-year benchmark rate published by the Bank of Canada, or the contractual mortgage rate plus two per cent – whichever is greater.