Expect relaxed mortgage rules to heat up Toronto real estate.

Original article via Now Magazine. Click here to read.

Canada is easing up on its mortgage lending rules to give buyers a bit more purchasing power, but the changes will likely jack up home price in the city, Toronto realtors say.

“It’s going to blow up the market,” says Meray Mansour, a Toronto-based realtor with Re/Max Hallmark Realty.

On February 17, finance minister Bill Morneau announced changes to the way the so-called “stress test” is calculated.

Since January 2018, potential home buyers making a down payment of less than 20 per cent have been required to purchase government-backed mortgage insurance.

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