The Toronto Regional Real Estate Board said higher borrowing costs are not only affecting whether Canadians can buy homes but are also hitting existing homeowners nearing mortgage renewal. In such a climate, it said the Office of the Superintendent of Financial Institutions , Canada’s top financial regulator, should weigh in on whether the current stress test remains applicable.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
The data also show that the board’s MLS Home Price Index was up 8.9 per cent from the prior year, while the average selling price for all sales only increased slightly, by 0.9 per cent, to $1,079,500 from $1,070,201.
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