{"id":38197,"date":"2019-02-12T07:42:40","date_gmt":"2019-02-12T12:42:40","guid":{"rendered":"https:\/\/www.northeastmortgages.ca\/?p=38197"},"modified":"2021-02-06T01:34:41","modified_gmt":"2021-02-06T00:34:41","slug":"mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/","title":{"rendered":"Mortgage growth hits low as banks ask for stress-test relief"},"content":{"rendered":"

Read analysis from North East Mortgages president Terry Kilakos on mortgage rule changes that went into effect in October 2018 ( <\/span><\/span><\/i><\/b>OSFI dropped the hammer on the mortgage market<\/span><\/span><\/i><\/b><\/a> ), as well as commentary from December 2018 ( <\/span><\/span><\/i><\/b>Treat Canadians like the responsible homeowners they are<\/span><\/span><\/i><\/b><\/a> ).<\/span><\/span><\/i><\/b><\/p>\n

Residential mortgage growth has dipped to a 17-year low the Bank of Canada says, <\/span><\/span><\/span>according to a Bloomberg report<\/span><\/span><\/span><\/a> .<\/span><\/span><\/span><\/p>\n

Growth in residential mortgages dipped to 3.1% last December when compared to the same month the previous year. <\/span>It’s the lowest level of growth since May 2001, Bloomberg reported.<\/span><\/span><\/span><\/p>\n

At the same time, Canada’s big banks are asking for relief from mortgage stress-test rules. <\/span>The rules require prospective homebuyers to be able to handle borrowing rates 200 basis points higher than their contracted rate.<\/span><\/span><\/span><\/p>\n

Banks have been lobbying the Office of the Superintendent of Financial Institutions (OSFI) to add some flexibility to the rules for when rates change. <\/span>CIBC deputy chief economist Benjamin Tal <\/span><\/span><\/span>told Reuters<\/span><\/span><\/span><\/a> that the rules don’t account for a change in market conditions.<\/span><\/span><\/span><\/p>\n

\u201cIt’s not something that has to be set in stone. <\/span>It should be more dynamic, \u201dhe told Reuters. <\/span>\u201cYou have to assess the damage to the housing market, whether that damage is too severe, and what other forces in the market are leading to slower growth.\u201d<\/span><\/span><\/span><\/p>\n

The stress test rules were put in place last January by OSFI, in an attempt by the government to cool down the Canadian housing market, particularly in Vancouver and Toronto.<\/span><\/span><\/span><\/p>\n

Those two cities posted their slowest years of sales in at least 10 years, Bloomberg reported, with average prices in the BC city falling 9.1% last year.<\/span><\/span><\/span><\/p>\n

A CIBC analyst told the news wire the cooling off has been \u201cengineered\u201d with the co-operation of banks. <\/span>\u201cIt makes for a healthier lending environment and a healthier housing environment for the longer term,\u201d Robert Sedran said to Bloomberg.<\/span><\/span><\/span><\/p>\n

Despite the declines in Canada’s hottest markets, in Montreal, housing prices were still on the rise. <\/span>Prices rose 5.% in the city, <\/span><\/span><\/span>according to a report in <\/span><\/span><\/span>The Globe and Mail<\/span><\/span><\/span><\/i><\/a> .<\/span><\/span><\/span><\/p>\n

info@nordest.ca<\/span><\/span><\/span><\/a><\/p>\n

Photo:\u00a0 <\/span><\/span>Helloquence<\/span><\/span><\/a> \u00a0\/\u00a0 <\/span><\/span>Unsplash<\/span><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Read analysis from North East Mortgages president Terry Kilakos on mortgage rule changes that went into effect in October 2018 […]<\/p>\n","protected":false},"author":3,"featured_media":38198,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,11],"tags":[],"featured_image_urls":{"full":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85.jpg",1350,901,false],"thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-150x150.jpg",150,150,true],"medium":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-768x513.jpg",768,513,true],"large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85.jpg",1350,901,false],"2048x2048":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85.jpg",1350,901,false],"post-thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-150x100.jpg",150,100,true],"melissa-img-706-471":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-706x471.jpg",706,471,true],"melissa-img-706-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-706x471.jpg",706,471,true],"melissa-img-1200-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85-1200x801.jpg",1200,801,true]},"post_excerpt_stackable":"

Read analysis from North East Mortgages president Terry Kilakos on mortgage rule changes that went into effect in October 2018 ( OSFI dropped the hammer on the mortgage market ), as well as commentary from December 2018 ( Treat Canadians like the responsible homeowners they are ). Residential mortgage growth has dipped to a 17-year low the Bank of Canada says, according to a Bloomberg report . Growth in residential mortgages dipped to 3.1% last December when compared to the same month the previous year. It’s the lowest level of growth since May 2001, Bloomberg reported. At the same time,…<\/p>\n","category_list":"Market Updates<\/a>, Mortgage<\/a>","author_info":{"name":"North East Mortgages","url":"https:\/\/www.nordest.ca\/blogue\/en\/author\/delmar\/"},"comments_num":"0 comments","yoast_head":"\nMortgage growth hits low as banks ask for stress-test relief - Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage growth hits low as banks ask for stress-test relief\" \/>\n<meta property=\"og:description\" content=\"Read analysis from North East Mortgages president Terry Kilakos on mortgage rule changes that went into effect in October 2018 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NorthEastNordEst\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-12T12:42:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-06T00:34:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/02\/photo-1450101499163-c8848c66ca85.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1350\" \/>\n\t<meta property=\"og:image:height\" content=\"901\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"North East Mortgages\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:site\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"North East Mortgages\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/\"},\"author\":{\"name\":\"North East Mortgages\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/197a13e6e0b00c4673712ba9d37d309a\"},\"headline\":\"Mortgage growth hits low as banks ask for stress-test relief\",\"datePublished\":\"2019-02-12T12:42:40+00:00\",\"dateModified\":\"2021-02-06T00:34:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/\"},\"wordCount\":350,\"publisher\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#organization\"},\"articleSection\":[\"Market Updates\",\"Mortgage\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/en\/mortgage-growth-hits-low-as-banks-ask-for-stress-test-relief\/\",\"name\":\"Mortgage growth hits low as banks ask for stress-test relief - 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