It’s official. Things are changing (again).
Take the Stress test to see how it may impact you purchasing power or refinancing options.
The Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters will take effect January 1, 2018.
These new guidelines include a stress test for uninsured mortgages (mortgages with more than a 20% down payment or 20% in existing equity).
This new stress test means that borrowers will be qualified based on the greater of their rate + 2% or the five year benchmark rate published by the Bank of Canada, which today is currently 4.89%.
For example if your rate was 3.29% then