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08-28-2020 |
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Under the tension test, every home buyer who wishes to get a home loan from any federally controlled lender should go through a test in which the customer's price is evaluated based upon a rate that is not lower than a tension rate set by the Bank of Canada. For high-ratio home loan (loan to worth 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 present target rate.
This stress test has actually reduced the optimal mortgage authorized amount for all customers in Canada. The stress-test rate consistently increased until its peak of 5.34% in Might 2018 and it was not changed until July 2019 in which for the very first time in 3 years it decreased to 5.19%. This decision might show the push-back from the real-estate industry as well as the intro of the first-time house buyer incentive program (FTHBI) by the Canadian government in the 2019 Canadian federal budget. https://list.ly/ka-rana-uj-l-a-m-usi-c-st-ar |
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