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Under the tension test, every home buyer who wishes to get a mortgage from any federally controlled loan provider ought to undergo a test in which the customer's cost is evaluated based on a rate that is not lower than a stress rate set by the Bank of Canada. For high-ratio home mortgage (loan to worth of more than 80%), which is guaranteed by Canada Home Mortgage and Real Estate Corporation, the rate is the maximum of the stress test rate and the current target rate.
This tension test has reduced the optimal home mortgage approved amount for all customers in Canada. The stress-test rate consistently increased till its peak of 5.34% in Might 2018 and it was not changed till July 2019 in which for the first time in 3 years it decreased to 5.19%. This choice might show the push-back from the real-estate industry in addition to the intro of the first-time home purchaser incentive program (FTHBI) by the Canadian government in the 2019 Canadian federal budget. https://www.ultimate-guitar.com/u/lendaibt28 |
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