. New Canadian mortgage ‘stress test’ rules take effect June 1 « JO LEE MAGAZINE

CTV – The Canadian real estate market has seen soaring prices, bidding wars and a lack of supply throughout the pandemic.

There is a concern some home buyers may be stretching their mortgage budgets to the max, which is why a new mortgage stress test will be coming into effect on June 1.

The new rules will reduce the buying power for some home buyers, protect people in the event that interest rates go up and potentially cool the Canadian housing market, which has seen record prices this year.

Read more at CTV News.

World on the Run | Jo Lee Magazine

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