Poll results: Mortgage changes

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Brokers have had their say and the results are in.

Half of MortgageBrokerNews.ca readers believe the new mortgage rules were a bad idea, with 50% arguing they were unnecessary.

Just over a quarter – 30% -- argue they were necessary and 20% are still undecided.

It’s a litmus test that may not surprise many, with initial sentiment of the new rules leaning to the critical side. For their part, brokers have argued the new rules -- which include a mortgage stress test that forces borrowers of insured mortgages to qualify at a higher rate, and stricter guidelines for bulk insured portfolios – will make it more difficult for first-time homebuyers to qualify for a mortgage.

Another part of the rule changes require increased capital requirements for lenders. The impact of that change has already been felt.

Earlier this month TD announced it was hiking its mortgage prime rate to 2.8%.

RBC followed suit Tuesday by announcing it was raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis points.

The lender also said it's raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.

RBC's changes, which impact amortizations under 25 years, take effect Thursday.

With files from Canadian Press

Related:
First of many changes to come?
Big bank weighs in on impact of changes
 

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