Breaking News: Changes to the Bank of Canada Stress Test

Effective April 6th 2020, the Stress Test qualifying rate will decrease for Insured Mortgages.

Mortgage default insurance is required when borrowers make a down payment of less than 20%

The new benchmark will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%.

Call us today to review what this policy change can mean for you ☎️

Additional Insight?

For full details about the change, you can follow the link to the federal announcement noted below.

https://www.canada.ca/en/department-finance/news/2020/02/minister-morneau-announces-new-benchmark-rate-for-qualifying-insured-mortgages.html

https://www.youtube.com/watch?v=jagewBdxKq4

More to explore

Bank of Canada: A History of Canadian Prime

  The Bank’s Beginnings In 1933, Criticism of Canada’s banking system fueled a movement in Prime Minister R.B. Bennett’s parliament stoking concern that Canada lacked a direct means for settling international accounts. The Royal Commission to study “for” or “against”

Urbanation 2021 Q2 Analysis of Rental Market

“The GTA rental market recovery began in earnest during the second quarter, with a surge in leases, reduced vacancy, and an increase in rents as lockdown measures began to ease. Remarkably, downtown Toronto led the growth in rental activity in

New Stress Test: What you need to know?

Despite the fact that a housing marketcrash is highly unlikely, the government still has a fiduciary responsibility to protect new home owners and the economic fundamentals that helped Canadians survive the 2008 US market correction, unscathed. That responsibility rests with

Share this article:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn