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How Do the Stress Test Changes Affect Homebuyers?

If you plan on buying a home after June 1st, will you still be able to qualify?  Homebuyers and investors have wondered what the changes to the Stress Test mean for their future real estate plans.  According to CBC News, Canada's top banking regulator is considering raising the mortgage stress test.  5.25% or two percentage points above the market rate (whichever is higher).  Why now, and what does that mean for you? It comes down to this; Buyers will have their finances tested to ensure they can cover their mortgage, should there be an increase in rates.  It's no secret that mortgage rates are at an all-time low. Implementing this would ensure you are not forced into selling your home...

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