Sarah Niedoba Nov 29, 2017
Yesterday, the Bank of Canada reported that new mortgage rules, set to take effect on January 1, could disqualify almost 10 per cent of prospective homebuyers. But, according to a new survey, it seems many Canadians have never heard of the rule change at all.
Polling from RE/MAX has found that 37 per cent of Canadians aren’t aware of the new rules at all.
“[The survey] demonstrates there remains a gap in awareness and understanding amongst Canadians of how the new OSFI stress test regulation changes may impact them moving forward,” writes RE/MAX INTEGRA regional director Christopher Alexander, in a statement.
While roughly a third of Canadians surveyed hadn’t heard of the new regulations, 48 per cent said that they were considering purchasing a home in the next five years.
Alexander says that it is vital that would-be homeowners educate themselves on how the new rules could affect their purchasing power.