Wai Young Fights to Revise Mortgage Stress Test
October 8th, 2019
FOR IMMEDIATE RELEASE
Vancouver, British Columbia- The Mortgage Stress Test introduced by the Liberal government in 2018 made the dream of home ownership much harder for Vancouverites. Wai Young has committed to revising the policy and making it work in Vancouver’s expensive housing market.
“The Mortgage Stress Test should never have been implemented in Vancouver in its current form. Throughout my campaign, I have met families, construction workers, electricians, builders and realtors who have lost their jobs or lost their ability to move because of this unfair policy.” says Conservative candidate Wai Young. “Families in Killarney, Oakridge and Sunset are being denied a mortgage, despite being able to make the necessary payments. These families deserve the chance to own a home or to move when they have children. The Conservatives are committed to revising the Mortgage Stress Test to make it work for you and your family in Vancouver.”
“Unfortunately, this ill-conceived Liberal policy, with its arbitrary standards, is hurting Vancouver families.” continues Young. “Suddenly, families are not able to qualify or re-qualify for their existing mortgages, locking home-owners into housing that may no longer work for them.” - Wai Young
A Conservative government will:
- Revise the Mortgage Stress Test to ensure that it helps aspirational home-owners, rather than hurts them
- Work to knock down regulatory barriers to ensure that more houses come on the market, resulting in lower overall prices.
“We will work to keep our credit markets solid, while ensuring that otherwise qualifiable families are not being choked out of the housing market by unnecessary barriers. Because of the Mortgage Stress Test, families are being forced to remain in an expensive rental market or are being charged unreasonable interest rates by private equity funds. This is making life harder and more unaffordable.” Said Young. “A Conservative government will stand up for Vancouverites to help them realize their dream of owning homes while making life more affordable so they can get ahead.”