Mortgage stress test accounts for up to $15B drop in new mortgages in 2018: CIBC

Mortgage stress test accounts for up to $15B drop in new mortgages in 2018: CIBC

Report by CIBC calls for Ottawa's new mortgage stress test to be revisited amid falling housing market

Ottawa's new mortgage stress tests accounted for at least half of the decline in new mortgages started last year, according to a new report by CIBC that calls for the measure to be revisited amid a falling housing market.

The total value of new mortgages fell by eight per cent or $25 billion in 2018, wrote Benjamin Tal, deputy chief economist at CIBC World Markets Inc. in a report released Tuesday.

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