Interest Rate Hike in Canada

[Brent Byers]

Did you know....As of Jan 1st - the Gov't has forced on ALL lenders/banks in Canada - when approving a Borrower, they must pass a stress test at a Higher Int Rate (2% higher than approved) before getting the $$. Essentially means - the amount you can borrow will drop 15-19%. Another way the Gov't is trying to control our Economy and housing...Socializing Business! ;(

[Vincent A.]

As I'm looking to get into my first piece of property this definitely hinders my situation. The new terms of borrowing money could mean the difference of being able to buy a detached home or settling with a townhouse/condo.

@Jordan Han I'm hoping to see those prices drop. I guess we just have to wait and see.