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Under the tension test, every house buyer who wishes to get a mortgage from any federally regulated loan provider must undergo a test in which the borrower's price is judged based upon a rate that is not lower than a stress rate set by the Bank of Canada. For high-ratio home loan (loan to value of more than 80%), which is guaranteed by Canada Home Mortgage and Housing Corporation, the rate is the optimum of the stress test rate and the existing target rate.
This tension test has reduced the maximum home loan authorized amount for all customers in Canada. The stress-test rate regularly increased until its peak of 5.34% in Might 2018 and it was not altered until July 2019 in which for the first time in three years it decreased to 5.19%. This decision may show the push-back from the real-estate market in addition to the intro of the novice house purchaser incentive program (FTHBI) by the Canadian government in the 2019 Canadian federal budget. http://dslesskazka.ru/user/seidheawzx |
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