Mortgage Stress Test Increases Effective June 1, 2021
May 20, 2021
As of June 1st, the minimum stress test qualifying rate for unsecured mortgages is proposed to increase to an average of 5.25%, an increase from the current five-year benchmark rate of 4.79% set by the Bank of Canada.
What does this rate increase mean to you? it means that after June 1st, you may qualify for 4 to 4.5% less than you do at the current rates. Contact our sales team today to find out what you may qualify for and how you can secure your new home at the current rates.
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