Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
How to prepare for a 2023 recession + MORE Nov 19th
The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up..... More »
Weekly mortgage digest: Fixed rates trending downward ahead of expected BoC cut Jul 23rd
This week’s digest highlights the past week's key mortgage news, including the downward trend in fixed mortgage rates as lenders respond to lower bond yields..... More »
Bank CEOs weigh in on “vulnerable” mortgage clients + MORE Jan 12th
Canada's Big-Bank CEOs weighed this week in on the current state of their mortgage clients, including those they consider "vulnerable" in the event of a recession..... More »
Pros and cons of the new federal secondary suite programs Oct 28th
Comparing two federal programs to help Canadians build rental suites: a $40,000 loan or a mortgage refinance option.... More »
Watch: What is the mortgage stress test?
– moneysense.ca
If you’ve purchased a home in the last several years, or plan to buy one soon, there’s a good chance you’ve heard about the mortgage stress test. Since 2018, the stress test has served as a set of rules banks and lenders use to determine if you qualify for the mortgage you want. It’s possible to have passed the stress test without even knowing it, so it’s good to review how it works.
This video outlines what the mortgage stress test is, why it was created, and how it applies to all Canadian home buyers, whether you are applying for your first mortgage or renewing or refinancing an existing one.
Watch: MoneySense – What is the mortgage stress test?
More on mortgages:
MoneySense Toolkit: The mortgage affordability calculator
How much mortgage can I afford?
A guide to five-year fixed mortgage rates
A guide to five-year variable mortgage rates
The post Watch: What is the mortgage stress test? appeared first on MoneySense.
