Outline Financial
Stress Test Rate vs. Actual Mortgage Rate | Proposed OSFI Mortgage Changes
The Office of the Superintendent of Financial Institutions (OSFI) announced today that a tighter stress test will be coming soon. The proposed change would increase the qualifying floor from today’s 4.79% to 5.25%.
The tighter stress test would require borrowers applying for uninsured mortgages (typically those with more than a 20% down payment) to qualify at their mortgage contract rate plus two percentage points or 5.25%, whichever is higher. (Canadian Mortgage Trends).
The OSFI will communicate its final amendments on May 24th, 2021, and it will be enforced on June 1st, 2021
To learn more about this new financial service you can visit us on www.outline.ca/ or call us on (416) 536 9559.
Stress Test Rate vs. Actual Mortgage Rate | Proposed OSFI Mortgage Changes
The Office of the Superintendent of Financial Institutions (OSFI) announced today that a tighter stress test will be coming soon. The proposed change would increase the qualifying floor from today’s 4.79% to 5.25%.
The tighter stress test would require borrowers applying for uninsured mortgages (typically those with more than a 20% down payment) to qualify at their mortgage contract rate plus two percentage points or 5.25%, whichever is higher. (Canadian Mortgage Trends).
The OSFI will communicate its final amendments on May 24th, 2021, and it will be enforced on June 1st, 2021
To learn more about this new financial service you can visit us on www.outline.ca/ or call us on (416) 536 9559.