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Under the stress test, every house buyer who wants to get a home mortgage from any federally controlled loan provider must go through a test in which the customer's affordability is judged based upon a rate that is not lower than a stress rate set by the Bank of Canada. For high-ratio home loan (loan to worth of more than 80%), which is guaranteed by Canada Home Loan and Real Estate Corporation, the rate is the maximum of the stress test rate and the existing target rate.
This stress test has reduced the maximum home loan approved amount for all debtors in Canada. The stress-test rate consistently increased up until its peak of 5.34% in Might 2018 and it was not altered until July 2019 in which for the very first time in 3 years it decreased to 5.19%. This decision may show the push-back from the real-estate market in addition to the introduction of the newbie house buyer reward program (FTHBI) by the Canadian government in the 2019 Canadian federal budget. https://ask.fm/karanaujlamusicstar6139 |
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