Possible Increase in the Stress Test
"The Office of the Superintendant of Financial Institutions is looking at increasing the stress test rate in order to slow down the housing market. The suggested change is to increase the qualifying rate to 5.25%
from the current rate of 4.79% as of June 1st. Currently this is being looked at for conventional mortgages only (a mortgage that is less than 80% of the value of the property)
The stress test qualifying rate is the current rate your clients must qualify at for their mortgage. Any increase to that rate will lower the amount of mortgage they can qualify for. For additional information please see check out the link below.
If anyone has questions, please don’t hesitate to call or email.
Eileen Craig, Independent Mortgage Professional
DLC Sea to Sky Mortgages
106-7015 Nesters Road, Whistler, B.C. V0N 1B7