Pushing for a revision to arbitrary Mortgage Stress Test standards.
Introduced by the Liberals in 2018, it was clear from the beginning that the new Mortgage Stress Test only hurt families and those working in the building and housing sector in Vancouver. As housing was already unaffordable, it drove the dream of home ownership more out of reach, and locked families into situations where they could not get a new mortgage if they needed to move.
Wai Young and a Conservative government will revise the Mortgage Stress Test to ensure that it helps home-owners in Canada’s diverse housing markets, instead of hurting them. Further, they will eliminate stress test requirements for mortgage renewals. A Conservative government will also work to knock down regulatory barriers to ensure that more houses come on the market, resulting in more availability and lower overall prices. Finally, Wai Young and Andrew Scheer will lengthen maximum mortgage term from 25 to 30 years, which will reduce monthly payments.
Wai Young believes that families in Vancouver South deserve the chance to achieve their dream of home ownership.