What home buyers should know about the Canadian mortgage stress test Mar 26th

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What home buyers should know about the Canadian mortgage stress test

– moneysense.ca

Canada’s mortgage stress test applies to anyone applying for or renewing a home loan through a federally regulated lender. But, if you’re like nearly half of Canadians polled by TD Bank in 2019, you may not understand what the test is—or who it affects.

The rules of the stress test have changed since they were first introduced in 2016, which can add to the confusion. But, make no mistake, the stress test impacts anyone applying for a mortgage from one of the major banks. And while provincially regulated lenders have more flexibility when it comes to mortgage approvals, many still use the test to evaluate customers’ financial risk.

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“It applies to everyone—you, me, first-time buyers and 10-time buyers,” says Maxine Crawford, a mortgage broker who serves the Greater Toronto Area (GTA) and elsewhere in Ontario…

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