'Lobby is on the wrong side of this issue’: CMHC head takes on real estate industry with defence of mortgage stress tests [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
'Lobby is on the wrong side of this issue’: CMHC head takes on real estate industry with defence of mortgage stress tests Canada would need a “calamity” in the housing market to warrant adjusting the mortgage stress test, which is helping affordability, according to the head of Canada’s national housing agency. Evan Siddall, chief executive officer of Canada Mortgage and Housing Corp., said in an interview Monday that he became a passionate defender of the tougher mortgage qualification rule because he felt no one else was publicly standing up to support the federal program against criticisms from groups working in the real estate sector. “If we ease the stress test or extend mortgage amortizations, for sure it is increasing debt and it’s going to bump prices higher," he said. “And those aren’t good for the country. And nobody was speaking out,” he said, adding that it’s the people who make money off real estate who are complaining. Story continues below advertisement Mr. Siddall said
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