The Consumers’ Perspectives on Homebuying in Canada, prepared by Chief Economist Will Dunning, shows that Canadians are about the economy and housing market, however, the government imposed stress test for insured mortgages has had a negative impact and is not slowing down levels of consumer debt in Canada.
The report disclosed that 48% of future buyers have the expectation they will have to purchase insurance and qualify at the stress test rate, since their down payment will be less than 20%. Furthermore 20% of these future buyers wont be able to afford the financing required.
To View the Full Report – Click Here
To View the Press Release – Click Here
To View the Significant Statistics – Click Here