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Under the tension test, every home purchaser who desires to get a home loan from any federally managed lender needs to go through a test in which the debtor's affordability is evaluated based on 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 guaranteed by Canada Mortgage and Real Estate Corporation, the rate is the optimum of the tension test rate and the existing target rate.
This stress test has lowered the optimal home loan authorized quantity for all debtors in Canada. The stress-test rate consistently increased until its peak of 5.34% in Might 2018 and it was not changed till July 2019 in which for the very first time in three years it reduced to 5.19%. This decision might show the push-back from the real-estate industry as well as the introduction of the novice home buyer incentive program (FTHBI) by the Canadian government in the 2019 Canadian federal budget plan. https://ello.co/stubba9z81 |
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