“… one area that needs to be revisited is the imposition of the OSFI-mandated two percentage point mortgage stress test.
While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today’s home buyers are being stress tested against rates that are realistic. (Editorial ie First Mortgage rates are NOT going up 2%)
Home sales in the GTA, and Canada more broadly, play a huge role in economic growth, job creation and government revenues every year. Looking through this lens, policymakers need to be aware of unintended consequences the stress test could have on the housing market and broader economy,” said John DiMichele, TREB CEO.”
News Release accompanying monthly Market Watch statistical report
which is source for 2nd para quote in this National Post piece Feb 6/19