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Canadian Prime Minister Jean-Claude Trudo today promised municipal leaders that the federal government will provide support and resources to address the high cost of housing, which he said is creating a crisis for young and middle-class families.
Low interest rates and a shortage of demand have pushed up house prices and housing costs across the country as Canadians working from home seek more space.
As a result, for many people in big cities, the cost of buying a house is out of reach, Mr. Trudo said, noting that in places like Toronto, it may take 280 months for the average family to save enough for a down payment.
In an interview with the Canadian Municipal Federation today, Trudo said that the government will look for ways to change the situation that has already been established.
He pointed out that the federal government alone cannot reduce housing costs, and said there is leverage at all levels of government.
Trudo said the Liberal Party will contact provinces and regions to find solutions to allay concerns about housing affordability.
From June 1, Canadian home buyers will face stricter mortgage stress tests, which will to some extent reduce the purchasing power of most borrowers.
Canadian banking regulators announced the measure in May in response to an earlier overheated property market, which is beginning to show some signs of cooling.
The pace of home sales at the beginning of the year began to slow in April, with the number of homes sold down 12.5% from the record high set in March, according to the Canadian Real Estate Association.
All of a sudden! Trudo has just promised to help the city reduce high housing prices! The new loan rules start today!
Even in Canada’s major cities, which are also the busiest in the property market, house prices are beginning to stagnate. The average selling price in most areas was 1090922 yuan in April, down slightly from 1097655 yuan in March, according to the Toronto Regional Real Estate Association.
Before June 1, any applicant for an uninsured mortgage with a down payment of more than 20% must prove his ability to pay the mortgage by reference to the interest rate 2% or 4.79% higher than the interest rate offered by the bank. Under the new policy, it is proved by which interest rate is higher than the contract interest rate by 2%, or 5.25%, which is the highest.
At the same time, for loan applicants who buy insurance, that is, those with a down payment of less than 20%, they have to follow the same rules.
Rob McLister, editor of rates.cab, the interest rate comparison website, said stricter stress tests would reduce the theoretical purchasing power of borrowers by a little more than 4 per cent.
According to ratehub.ca, an applicant with an annual income of 100000 yuan, a down payment of 20%, a five-year fixed interest rate of 1.78% and a 30-year repayment period will be eligible to buy a house of 651000 yuan under the previous test interest rate of 4.79%. However, according to the latest 5.25%, you can buy a property of up to 618000 yuan.
Doug Porter, chief economist at BMO, agrees that the new rules could reduce the purchasing power of those close to the borrowing ceiling by about 4 to 5 per cent. “therefore, this is not trivial, but it may not have a complete impact on the real estate market, but given the current popularity, it is a very reasonable move.”
Experts believe that stress tests alone are unlikely to lead to a sharp fall in house prices. James Laird, co-founder of ratehub.ca, said: “increased stress testing will put some downward pressure on prices, but it is by no means the only factor determining the direction of the housing market.”
There is still a lot of demand for Laird, and interest rates are still low. He added that once the epidemic abates, the increase in the number of migrants may further stimulate demand and put more pressure on the market. The new rules may slow the market a little bit, but they will not be a key factor in cooling the market.