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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 cost is evaluated based on a rate that is not lower than a tension rate set by the Bank of Canada. For high-ratio mortgage (loan to value of more than 80%), which is insured by Canada Home Loan and Real Estate Corporation, the rate is the optimum of the tension test rate and the existing target rate.
This tension test has reduced the maximum home mortgage approved amount for all debtors in Canada. The stress-test rate consistently increased until its peak of 5.34% in May 2018 and it was not altered until July 2019 in which for the very first time in three years it decreased to 5.19%. This choice might reflect the push-back from the real-estate market in addition to the intro of the newbie home purchaser reward program (FTHBI) by the Canadian federal government in the 2019 Canadian federal budget plan. https://www.cool-bookmarks.win/can-timeshare-ruin-your-credit |
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