Quote:
Originally Posted by MarkyMark
Got an email from some developers about the new mortgage stress tests. This is one scenario they gave.
"A household income of $120,000 and a downpayment of $80,000, the maximum purchase price you would be approved for is $588,213 at a rate of 2.340% and a 25 year amortization. As of October 17th, with the same household income and downpayment, you would only be approved for $499,370.
That's quite a bit less buying power. Will this drive down prices or just make it harder to buy a place for the average person?
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IMO it will depend on the price point.
Demand may increase for sub 500 strata units