Posts tagged Toronto
New Mortgage Stress Test Rules

The stress-testing rules, which will take effect Jan. 1, will require borrowers who are making a down payment of more than 20 per cent of a home's value to prove they could still afford their mortgage payments if interest rates were significantly higher. The OSFI rule change will require borrowers to qualify for mortgages at the greater of the Bank of Canada's five-year benchmark rate or an interest rate two percentage points higher than they negotiated.

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Ken MazurekTorontoComment