| ceolan1c0g's Forum Info |
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Under the stress test, every home buyer who wishes to get a home mortgage from any federally controlled loan provider needs to undergo a test in which the debtor's affordability is evaluated based on a rate that is not lower than a tension rate set by the Bank of Canada. For high-ratio mortgage (loan to worth of more than 80%), which is insured by Canada Mortgage and Housing Corporation, the rate is the maximum of the stress test rate and the current target rate.
This tension test has decreased the maximum mortgage authorized amount for all customers in Canada. The stress-test rate consistently increased till its peak of 5.34% in May 2018 and it was not changed up until July 2019 in which for the first time in 3 years it decreased to 5.19%. This decision may reflect the push-back from the real-estate market along with the introduction of the newbie house buyer incentive program (FTHBI) by the Canadian government in the 2019 Canadian federal spending plan. https://www.classified.kukooo.com/author/otbert0zki/ |
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