The federal government is considering more mortgage rules, but there’s still time to push back.
The proposal would require lower-risk borrowers to be approved at two per cent above the rate offered to them by their lender. For example, if the contract rate offered is three per cent, lower-risk borrowers would have to qualify at five per cent.
This measure could shut many consumers out of the market, drive them into less suitable housing or entice them to visit sub-prime lenders that are not federally regulated.
I am joining all Canadian Realtors, with Canadian Real Estate Association, to stop this from becoming law.