What increase in stress test means for the market?

Here’s what increase in stress test means for the market

The mortgage stress test in Canada has risen after a recent interest rate hike. The annual income needed to buy a home across Canada increased, even in places where housing prices were low.

From March to June 2022, Canadian homebuyers had to earn from $8.6k to $35.7k more annually, to afford a home depending on their location.

The Stress Test could be as high as 7.2% in the current market.

Ishtiaq Ahmed
Broker
Century 21 Innovative Realty Inc. Brokerage
http://ishtiak.com

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