As a result of stress tests on insured and uninsured mortgages, Ontarians have had their purchasing power reduced. This is making it harder for thousands of families to enjoy their dream of home ownership.
An average Canadian homebuyer who could have qualified to own a $400,000 home prior to government changes will now only qualify for a home worth roughly $315,000 after the fact*. This is roughly a 20% reduction. These changes impact anyone now applying for a mortgage.
GOVERNMENT CHANGES IMPACTING YOU
IMPACT ON HOMEBUYERS
15
reduction in housing activity in 2018, according to Chief Economist Will Dunning because of rising rates and federal government rule changes
28
35,000
Ontario families will be excluded from the market in 2018 because of rising rates and federal government rule changes
HOMEOWNERSHIP HELPS BUILD FINANCIAL SECURITY
AS PER OUR ANNUAL CONSUMER SURVEY
79
29
average down payment for recent first time homebuyers (2014-2017)
CANADIANS HAVE CONSIDERABLE EQUITY IN THEIR HOMES
4.0
TRILLION
53
EQUITY RATIO AMONG RECENT BUYERS
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