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The average mortgage payment for new loans jumped 4.6 per cent in the past year.
5 Canadian housing markets show strong evidence of "problematic conditions."
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The change will add $5 a month to the average mortgage payment.
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The objective of that policy is to reduce mortgage lending. It means that a potential home buyer who can comfortably afford the costs of buying a home (based on their actual mortgage interest rate, which will usually be less than three per cent) might not be able to get financing, because of a new, very high "stress-test" hurdle (using an interest rate that is currently 4.64 per cent, and far above actual market rates).
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Foreign buyers aren't the major factor driving up house prices, Evan Siddall says.
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Hate to be one of those folk that B.C. Housing Minister Rich Coleman believes has nothing better to do than get up and whine every day, but the B.C. government's affordable housing plan announced last week falls short. Sorry, someone had to say it.
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Head of federal mortgage insurer calls for higher down payments.
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It's just a "stress test," not a prediction.
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CMHC finds evidence of trouble in eight Canadian housing markets.
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High levels of debt plus rising house prices result in economic contractions, warns CMHC CEO.
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According to the Canadian Payroll Association's survey of employed Canadians released in advance of this week's festivities, 53 per cent of British Columbians reported that "it would be difficult to meet their financial obligations if their pay cheque was delayed by even a single week."
Some experts worry Canadian banks are too eager to lend mortgages.
The majority of the impact will fall on first-time buyers.
Economic slowdown on the Prairies takes a bite out of housing construction.