As of June 1st, uninsured mortgages must qualify at the greater of a 5.25% interest rate or the contract rate plus 2%.
Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced the alignment of the insured stress test with the uninsured stress test, also effective June 1st.
What does this mean for purchasers? Let us help you understand the “stress” test.
You have questions, we have answers.