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Under the stress test, every home buyer who wishes to get a mortgage from any federally regulated lender should undergo a test in which the borrower's price is evaluated based on a rate that is not lower than a tension rate set by the Bank of Canada. For high-ratio home mortgage (loan to value of more than 80%), which is guaranteed by Canada Mortgage and Housing Corporation, the rate is the optimum of the tension test rate and the current target rate.
This stress test has actually reduced the maximum mortgage authorized amount for all customers in Canada. The stress-test rate regularly increased until its peak of 5.34% in May 2018 and it was not altered up until July 2019 in which for the very first time in three years it decreased to 5.19%. This decision may reflect the push-back from the real-estate industry in addition to the intro of the novice house buyer incentive program (FTHBI) by the Canadian federal government in the 2019 Canadian federal budget plan. https://www.last-bookmarks.win/how-to-rent-out-my-timeshare |
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