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.

More to explore

The New Canadian Mortgage Charter: A Comprehensive Overview

In November 2023, the Canadian government introduced the Canadian Mortgage Charter as part of its 2023 Fall Economic Statement. This Charter is a pivotal move in the financial services sector, addressing the challenges faced by Canadians with mortgages, especially during

Surging Bond Yields and the Canadian Mortgage Market

The Ripple Effect Recent economic trends have showcased surging bond yields in Canada, a phenomenon that has a significant ripple effect on the mortgage market. Understanding the correlation between bond yields and mortgage rates is crucial for prospective homeowners and

Share this article: