CMHC defends mortgage stress test changes amid calls for loosening rules – Haida Gwaii Observer

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In Ontario and B.C., these new mortgage rules and stress tests are in addition to the foreign buyers and speculation taxes. The OSFI introduced new mortgage rules effective in 2018. New mortgage borrowers now need to qualify at a higher mortgage rate even if they have a 20% down payment in 2019.

The new mortgage "stress test" is stressing out the market. CMHC says volumes decreased largely as a result of the new regulations announced by the federal government in the fourth quarter of 2016.

In this episode, we talk with Mujtaba Syed, Manager – Mobile Mortgage Specialist with TD Canada Trust, and review the new rules, explain what the stress test is and how impacts future homeowners.

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The mortgage stress test – what you need to know. On October 3, 2016, Canada’s Finance Minister announced the latest round of mortgage rule tightening: a more stringent mortgage stress test for borrowers looking to get a new mortgage.

OSFI Unveils New Stress-Test Rules. Canada’s banking regulator today unveiled the final changes to its mortgage underwriting standards-Guideline B-20-that will further tighten lending standards and affect borrowers and lenders alike. The most wide-reaching change announced by the Office of the Superintendent of Financial Institutions (OSFI).

CMHC defends mortgage stress test changes amid calls for loosening rules. Uninsured borrowers must now show they could service their mortgage if rates rose two per cent by The Canadian Press

Among the new rules is a requirement that borrowers pass a "stress test" to gauge their ability to pay back the loan if mortgage rates were to rise. The goal of that policy effectively was to make it harder to get insurance, which would help make sure that people buying houses are financially able to do so.

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