Canadians Brace For A “Perfect Storm” Brewing In Housing Market
zerohedge.com / by Tyler Durden / Jul 7, 2017 10:20 PM
We’ve spent a fair amount of time discussing Canada’s housing market over the past several months as Chinese money laundering operations have sprouted up bubbles all over the place. Here’s a modest sampling of our recent work:
- All Hell Breaks Loose In Toronto’s House Price Bubble
- Canada’s Housing Bubble Explodes As Its Biggest Alternative Mortgage Lender Crashes Most In History
- Canada Housing Regulator Warns Of “Strong Evidence Of Housing-Market Problems”
- The Toronto Housing Market Is About To Collapse By This Measure
But, as the Globe and Mail notes today, there could very well be a “perfect storm” brewing in several Canadian housing markets as the result of extreme pricing bubbles, over-indebted consumers, a major tightening of mortgage rules and the prospect of rising rates.
On the regulatory front, Canada’s Office of the Superintendent of Financial Institutions (OSFI), is considering new rules that would require lenders to effectively “stress-test” borrowers to confirm they would be in compliance with credit metrics even if rates were to rise 200 bps. From a practical standpoint, such a move would immediately remove roughly 20% of the average Canadian’s home buying power.
The post Canadians Brace For A “Perfect Storm” Brewing In Housing Market appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/07/08/canadians-brace-for-a-perfect-storm-brewing-in-housing-market-2/
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