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Breaking News: Changes to the Bank of Canada Stress Test

Updated: Mar 26, 2020

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




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