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15 10, 2020

Stress Test Falls to 4.79%

By |2020-11-06T14:47:03-05:00October 15th, 2020|Stress Test|0 Comments

The stress test rate is about to fall for the second time in three months following cuts by Canada’s Big Six banks to their 5-year fixed posted rates. Mortgage experts say the Bank of Canada will reduce the benchmark qualifying rate—a.k.a., “stress test rate”—from 4.94% to 4.79% this week. National Bank of Canada cut its [...]

2 04, 2019

Understanding the Mortgage Stress Test

By |2019-04-02T13:02:21-04:00April 2nd, 2019|Stress Test|0 Comments

Many people I speak with have no idea what the stress test, how it affects them and what it does to their budget when house hunting.  So, I decided to post this to ensure that people had the opportunity to understand it in layman terms. The stress test came into effect in 2018 for all [...]

30 04, 2018

How the Stress Test is Impacting Millenials

By |2018-04-30T11:26:03-04:00April 30th, 2018|Stress Test|0 Comments

The home-purchasing power of ‘peak millennials’ aged 25-31 has diminished by around $40,103 (16.5%) since the introduction of the OSFI stress test at the start of 2018. A report from Royal Le Page calculates that nationwide, a peak millennial with a median salary of $38,148 has a maximum homebuying budget of $203,246. This includes a [...]

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