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Under the tension test, every house purchaser who wishes to get a home loan from any federally managed lending institution needs to undergo a test in which the debtor's affordability is evaluated based on 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 Mortgage and Housing Corporation, the rate is the optimum of the stress test rate and the existing target rate.
This stress test has lowered the optimal home loan authorized quantity for all borrowers in Canada. The stress-test rate regularly increased until its peak of 5.34% in May 2018 and it was not altered till July 2019 in which for the very first time in three years it decreased to 5.19%. This choice may reflect the push-back from the real-estate market in addition to the introduction of the newbie home buyer reward program (FTHBI) by the Canadian federal government in the 2019 Canadian federal budget. https://itsmyurls.com/sulain3ja8 |
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