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Mortgage Stress Test

Blog Image- Mortgage Broker Victoria BC - Co-signer vs Guarantor June 2021

Mortgage Co-Signer vs Guarantor

The recent tighter mortgage qualification rules reducing purchasing power by 20% combined with the higher prices of real estate, particularly in Victoria and Vancouver, can make it difficult for a person, or even a couple, to qualify for a mortgage on their own.  But with home prices rising and inflation looming, in some housing markets …

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New June 1 Stress-Test Mortgage Rules Confirmed

OFSI confirmed that all Conventional Mortgages with 20% down or more will as of June 1st be stress tested at 5.25%. The Deputy Prime Minister and Minister of Finance, Chrystia Freeland also issued a statement of her own, announcing the alignment of the insured stress test with the uninsured stress test, also effective June 1st. …

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OSFI to Re-Examine Stress-Test Policy

According to the Canadian Mortgage Brokers Association BC, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus …

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Bank of Canada to maintain current level rate policy

Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ % along with the deposit rate …

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Mortgage Stress Test Rate Drops to 4.79%

The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above the all-time 2017 low of …

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Canadian & U.S. Central Banks Respond to Covid-19

On Friday afternoon March 13, 2020, Canadian policymakers from the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a coordinated response to alleviate economic stress caused by the COVID-19 pandemic. The emergency measures, which are intended to ensure that the Canadian financial system has sufficient …

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Stress Test Mortgage Update – November 2017

New “Stress-Test” 2017 / 2018 Mortgage Rules Changes Explained Recently as you have probably heard in the major news media, like Global News and CBC, late in 2016, new rules were announced by OSFI with respect to residential home mortgages. The decisions leading up to these new rules are primarily driven by ‘expert’ concerns about …

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