Getting a mortgage got a little bit harder last week, and our local MP is explaining what exactly that means for Northerners. Anyone who can’t afford to put 20 per cent down on a house will be subject to a stress test to determine if they can afford to pay back the mortgage should interest rates go up. He says this will impact young families looking to buy their first place. Seniors may also be affected when trying to buy a retirement home. Angus adds these changes were put into effect to cool down the housing markets in urban areas like Toronto and Vancouver and says we’ll have to wait and see how it plays out for those living in Northern Ontario.
