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Stress Test Rate Lowered by The Bank of Canada
STRESS TEST QUALIFYING RATE LOWERED BY THE BANK OF CANADA The stress test qualifying rate was lowered 15 bps by the Bank of Canada. The new rate is 5.19%, down from 5.34%. This is a modest move when you consider Canada's 5-year bond rate has declined 106 bps from...
Who Is An Income-Qualified Borrower?
WHO IS AN INCOME-QUALIFIED BORROWER? An income-qualified borrower is someone with sufficient employment income to service their mortgage. The most important question for the lender is, "how will they repay this mortgage?" There are several ways a borrower can qualify...
What Is The B-20 Stress-Test?
Do You Understand the B-20 Stress Test? A recent survey shed light on the lack of knowledge surrounding the B-20 Stress Test. The B-20 Stress Test has been in place for more than a year. Surprisingly, 43% of Canadians are not confident they fully understand the...
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