Conservative Leader Promise to Review Mortgage ‘Stress Test’

Conservative Leader Promise to Review Mortgage ‘Stress Test’

  • Real Estate
  • Rental
October 3, 2019

Conservative Leader Promise to Review Mortgage ‘stress test’ and allow for Longer Mortgages. Amidst the 2019 federal election, Andrew Scheer of the Conservative Party is promising to review the existing ‘stress test’ that has been the hardest hurdle for Canadians to get a mortgage to purchase a home. This is especially true for first time home buyer because they do not have a large down payment and their salary limit how much money they can borrow.

The ‘stress test’ is a financial assessment that Canadian must pass to take out a mortgage. Introduced by the Office of the Superintendent of Financial Institutions, the stress test is one of many factors that caused home prices to fall in Vancouver. Last year, prospective homeowner cannot afford a home and now, they cannot get a mortgage to purchase a home when it is more affordable. CIBC reports an estimated $6.5-7.5 billion mortgage value drop due to the stress test. Under the ‘stress test’ borrowers are tested at two percentage points above the actual mortgage rate or an average five-year posted rate. The ‘stress test’ was originally for borrowers with less than 20 percent down, it is now for everyone.

If the Conservative government is elected, it will allow people to take out 30-year mortgage. A 5-year increase from the existing 25-year limit for first-time home buyers. This will reduce their burden during their early career days. As we’re approaching election day, we’re expecting more parties to provide their input about us real estate issues.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.