Posted on Feb 28, 2020

Mandeep Toor Real Estate Team

GREAT NEWS FOR HOMEBUYERS! (New Stress Test)
Mortgage stress tests have been relaxed!

This is for insured mortgages, which includes any mortgage with less than 20% down payment.

Now, rather than being decided by Bank of Canada, the stress test will be based on the weekly median 5-year fixed insured rate, which is much lower.

So instead of having to qualify at 5.19% (BoC Rate), you would qualify instead at 4.69% (median rate).

That means you qualify for 5% more!

This change begins on April 6th, and it will make it easier to qualify for a larger mortgage with low down payment.

Courtesy Of Tabasum
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