How Does the Latest Government Policy Impact the Toronto Real Estate Market? EXPLAINED

The Office of the Superintendent of Financial Institutions (OSFI) announced a policy change over the past week that has essentially diminished buying power even further. Unfortunately, this new government policy doesn't help those who are already struggling to qualify for a home purchase, especially first-time home buyers. OSFI has mandated an increase in the stress test interest rate for all real estate buyers from 4.79% to 5.29%. This will ultimately reduce the buying power for everyone, but the real question is by HOW MUCH and what type of effect will this actually have on the Toronto Real Estate Market as a whole?

Back in 2017, when the stress test was first introduced, the Toronto Real Estate Market saw a fairly sizable reduction in demand which resulted in receding prices shortly thereafter. As the Toronto Real Estate Market is currently red hot, what does this revised stress test policy mean and how will it change things? Will this new government policy change the pace of demand for Toronto Real Estate? Tune in to this edition of the Prime Properties Podcast as I dig deeper into what this recently announced market intervention means for us all!

Video Interview with Adam Vaughan: https://www.tvo.org/video/what-should-the-government-do-about-housing

#TorontoRealEstate #TorontoRealEstateMarket #RealEstatePodcast

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