My name is Ryan Boughen, and I take pride in ensuring my clients are fully informed of the mortgage process, including the impacts of the mortgage stress test.
As a mortgage broker in Regina, my focus is on helping my clients effectively plan for their upcoming mortgage so that the process is smooth and stress free. Many of my clients are concerned with understanding the mortgage stress test and how it will affect them.
Although new and existing home owners can be impacted by the stress test, we have several ways that its impact can be reduced so that they can still achieve their goals. Proper planning is critical to ensuring home ownership success.
I recently had the opportunity to speak to Global News Regina about the stress test in their recent story about how the test is affecting Regina’s new home builders and the Regina housing market.
New homes are being built in Regina and Saskatoon, but not like they used to be. That’s not a shot at their quality; fewer single-family homes are being built.
In Regina, single-family homes represent 29.9 per cent of new housing starts this year. Regina Homebuilders Association president Stu Niebergall said this is the lowest proportion since the association was founded in 1955.
“It’s a pretty fundamental change in the marketplace,” Niebergall said.
The housing market will also see fluctuation throughout the years, but Niebergall said this change is being amplified by policy coming from all levels of government.
Click here to read the rest of the story and see the video…
If you need more help understanding the mortgage stress test, information on mortgages and mortgage pre-approvals, or are a first time home buyer in Regina, contact me anytime. We are here to help!