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09-01-2020 |
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Under the tension test, every home buyer who wants to get a mortgage from any federally managed lender must undergo a test in which the debtor's affordability is evaluated based upon a rate that is not lower than a stress rate set by the Bank of Canada. For high-ratio mortgage (loan to worth of more than 80%), which is guaranteed by Canada Home Loan and Housing Corporation, the rate is the maximum of the tension test rate and the existing target rate.
This stress test has actually decreased the maximum home mortgage approved amount for all borrowers in Canada. The stress-test rate consistently increased till its peak of 5.34% in May 2018 and it was not changed up until July 2019 in which for the very first time in 3 years it reduced to 5.19%. This decision may reflect the push-back from the real-estate market along with the intro of the novice home buyer reward program (FTHBI) by the Canadian federal government in the 2019 Canadian federal budget plan. http://gam-achinsk.ru/user/lolfur98gj |
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