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Under the tension test, every home purchaser who wishes to get a home loan from any federally controlled lender needs to undergo a test in which the customer's cost is judged 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 insured by Canada Home Mortgage and Housing Corporation, the rate is the maximum of the tension test rate and the existing target rate.
This tension test has decreased the maximum mortgage approved amount for all borrowers in Canada. The stress-test rate consistently increased up until its peak of 5.34% in Might 2018 and it was not altered till July 2019 in which for the very first time in three years it reduced to 5.19%. This choice might show the push-back from the real-estate market in addition to the intro of the first-time home buyer reward program (FTHBI) by the Canadian government in the 2019 Canadian federal spending plan. https://www.threadless.com/@elmaramcv1 |
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