Mortgage ‘stress test’ policy needs rethink in tough market, builders say.

Original article via Toronto Star. Click here to read.

The building industry association says it is time to re-think some of the policies that are making it tougher for Toronto-area residents to afford a home.

Builders are concerned about rising interest rates compounding the reduced buying power of the mortgage stress test, said David Wilkes, CEO of the Building Industry and Land Development Association (BILD).

Sidewalk Labs LLC, the urban innovation unit of Google parent Alphabet says about 40 per cent of the 2,500 residential units on the 4.9-hectare (12-acre) development dubbed “Quayside,” will be below-market housing, including 20 per cent affordable. Just over half will be purpose-built rental.

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