CALGARY (660 NEWS) – A Calgary councillor is hoping some sway from the city will encourage new mortgage rules for the province.
Ward 5 councillor George Chahal is putting a motion forward Monday calling on the city to encourage the province and Alberta-based banks to create their own stress tests, arguing the federal ones are too stringent for the housing market in our province right now.
“Credit unions don’t have to actually follow the policy, that would be like ATB or First Calgary Financial and other credit unions that they work on an Alberta-based solution that’s in the best interest of Albertans and Calgarians.”
YYC time to eliminate the "stress test policy".Feb 4 I will bring a NOM supporting our real estate & construction industry by asking @GovCan @ableg to eliminate this policy which is hurting our economy and taking away opportunities for home ownership. #yyc #yyccc #cdnpoli pic.twitter.com/1OWtCizCIL
— George Chahal Ward 5 (@ChahalGeorge) January 31, 2019
The federal government introduced more stringent stress tests last year to slow down hot markets in Toronto and Vancouver.
Chahal said those rules should be relaxed in Alberta where the housing market isn’t nearly as strong.
He said they are hurting builders and potential buyers.
“It’s the second largest industry in Calgary. It is really important that we support this industry moving forward and an opportunity for working-class Calgarians to work and put food on the tables for their families.”