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NEW CHAGES TO STRESS TEST
Dated: May 26 2021
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NEW stress test changes effective June 1, 2021 To my valued clients & friends, Despite previous announcements OSFI (banking regulators) have announced that the new benchmark stress test rate will apply to ALL MORTGAGES as of June 1, 2021. who will be affected: - first time buyers - anyone with less than 20% down purchasing - anyone with more than 20% down purchasing with an A lender - anyone looking to refinance their existing mortgage with their current lender or with a new lender - anyone looking to change lenders at their mortgage maturity for a better interest rate or product - anyone looking to add a line of credit or second mortgage It is worth noting clients with a pre-approval in place need to ensure that their pre-approval was completed at the new higher benchmark stress test rate. Anyone tested at the old rates of 4.79% instead of the new 5.25% could be out shopping for a home they cannot get approved for. Let us know if you would like us to run the numbers for you to double check! Here is the full announcement link if you would like to read it. |
https://www.canada.ca/en/department-finance/news/2021/05/statement-by-the-deputy-prime-minister-and-minister-of-finance-on-the-canadian-housing-market.html?fbclid=IwAR0rX9798OvdQC9p1zODZ3WETPiwkNgdAtYeRu1_UDj-sVaFjeiu6Zse4kk
Melody Sitchon
Melody Sitchon, ABR, SRES and Broker. She is an active Broker of Record, representing buyers and sellers on a day-to-day basis, and considers education for her clients an important part of her role as....
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