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Under the tension test, every house buyer who wants to get a mortgage from any federally managed lending institution must go through a test in which the borrower's cost is evaluated based on 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 Mortgage and Real Estate Corporation, the rate is the maximum of the stress test rate and the present target rate.
This tension test has actually lowered the maximum home mortgage authorized 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 changed until July 2019 in which for the very first time in 3 years it decreased to 5.19%. This choice may reflect the push-back from the real-estate industry as well as the introduction of the first-time home purchaser incentive program (FTHBI) by the Canadian government in the 2019 Canadian federal budget. https://www.tool-bookmarks.win/wellesley-financial-group |
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