New stress test level makes it harder to qualify for a mortgage in Canada
t's a bit harder to qualify for a home loan as of today, as the federal government has raised the minimum financial bar that anyone applying for a mortgage must meet.
Ottawa raised the level of the "stress test" for mortgages today, setting the new level at 5.25 per cent — or two full percentage points above the borrower's mortgage rate, whichever is higher. That's an increase of about half a percentage point from where it was before.
Original Article Source Credits: CBC ,https://www.cbc.ca/
Article Written By: Pete Evans
Original Article Posted on: Jun 01, 2021
Link to Original Article:https://www.cbc.ca/news/business/stress-test-mortgage-real-estate-1.6046758