Is The Stress Test Going to Affect Me As A Buyer?

Steven Ho Buyer

First-time and Condo buyers, Listen up.

The stress test was first introduced on January 1st, 2018, buyers had to qualify at 4.79%. Now buyers will have to qualify at 5.25%. Starting June 1st. An increase of 0.46% This reduces the amount of borrowing power you have. if you qualified for 800k, you now qualify for about 760k.

There will probably an increase in activity before June 1st. After that, we should see a flattening of home prices at current levels.

The condo market has picked up and will continue to grow when immigration picks up and as affordability is restricted, first-time buyers will be in even more competition as buyers will be relegated to buying something smaller with their budgets.

The market is constantly changing and if you’re thinking of making a move this year, give me a call, we’re here to get you into your dream home.

If you're planning to buy and/or sell in the near future, give me a call so I can figure out a strategy for you!

Call or text 647-504-0690
Email: steven@mistersauga.ca