A chief economist at Mortgage Professionals Canada said Vancouverites tenants are bound to be faced with surging prices in the cost of homes for the upcoming few months, with the endorsement of the recent mortgage rules that took effect.
From a sole study done by Will Dunning; he made mention that the sales of properties will be greatly affected by the new law which will cause the summed up value of mortgages that consumers need to be eligible for to be lowered down.
Dunning quoted a news reporting site in his report; “Fewer tenants will be able to move out of rentals and into home ownership.” The price of homes in Vancouver has reached a milestone by peaking its highest levels in this year, with the rate for the monthly rental surpassing former records.
According to a rental site, the cost of renting one-bedroom units has gone up by 2.9 per cent since the start of October, while the two-bedroom homes went up by 4.5 per cent. The report derived from the survey showed the main growth in rental prices, mostly in areas like Victoria, Vancouver, Montreal, and Toronto.
The rules being implemented are meant to have the housing market ease and lower the risks of any repercussion that both consumers and market players will have to endure. These major changes will include having tax loopholes sealed, taking up latest risk-sharing methods for lenders and some other few adjustments that are yet to be introduced.