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Globe and Mail article: How young adults and the whole country win with a tougher mortgage stress test for home buyers

"A perfectly fair way to make the housing market more affordable and equitable in the near term does not exist. There’s been a lot of talk about reducing or eliminating the capital gains tax exemption on the sale of a principal residence, which potentially hurts long-time owners like boomers the most. No doubt, a more intense stress test will cut some young people out of the herd of buyers, or force some into the hands of unregulated lenders where rates could be higher.

Those young buyers will be well rewarded for their forbearance if the froth in house prices disappears. The worst possible outcome for these buyers would be that housing is left alone and prices soar for another year or two as the pandemic ends, immigration resumes and cash on the sidelines finds its way into more home down payments."

Globe & Mail article

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