Unchanged stress test for mortgages will likely keep a damper on home sales.
Canada’s banking regulator — the Office of the Superintendent of Financial Institutions — elected to keep the minimum qualifying rate for uninsured mortgages at the greater of 5.25 per cent or two percentage points of a borrower’s contract rate.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The stress test not only applies to uninsured mortgages — those with 20 per cent or more for down payments. It is also applicable for insured mortgages — borrowers with less than 20 per cent, who require coverage from providers like Canada Mortgage and Housing Corp.Article content Today, most offered mortgage rates are in the four to six per cent plus range, RatesDotCA data showed, meaning borrowers must qualify under the stress test at higher than 5.25 per cent, between six and eight per cent.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19 viral load remains largely unchanged in Saskatoon coming into 2023 | Globalnews.caThe viral load in Saskatoon “did not change significantly during the festive season,” researcher Femi Oloye said in an email Thursday.
Read more »
HANTS HISTORY: Early January 2023 edition | SaltWireHere's a look at what was making the news 15 and 50 years ago in the Hants Journal. 15 YEARS AGO (Early January 2008 editions) • Police were seeking ...
Read more »
Why Litecoin’s 2023 halving may not repeat its historical rallyThe Litecoin halving would happen later in the year, but there was no clear sign that there would be a repeat of previous cycles’ rally. Long-term LTC investors could be waiting for the event’s aftermath before selling for profit. After undergoing two halving events in 2015 and 2019, respectively, Litecoin [LTC] would go through its […]
Read more »