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Under the stress test, every house buyer who desires to get a mortgage from any federally controlled lender should undergo a test in which the customer's cost is evaluated 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 value of more than 80%), which is guaranteed by Canada Home Mortgage and Real Estate Corporation, the rate is the optimum of the tension test rate and the existing target rate.
This tension test has actually reduced the maximum home mortgage approved amount for all borrowers in Canada. The stress-test rate regularly increased until its peak of 5.34% in Might 2018 and it was not altered until July 2019 in which for the first time in three years it reduced to 5.19%. This decision might reflect the push-back from the real-estate industry as well as the intro of the first-time house purchaser reward program (FTHBI) by the Canadian government in the 2019 Canadian federal budget plan. https://letterboxd.com/kanyon2huq/ |
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