Tag Archive: breaking news

For those who think the 4.79% minimum qualifying rate (mortgage “stress test” rate) is too strict, here’s a breaking update. Tweaks to the often-criticized “stress test” are back on the table. OSFI said today that it “will resume its policy work on the minimum qualifying rate for uninsured mortgages by issuing a new consultation tomorrow at noon (ET).” “OnJanuary 24,...

Normally, you don’t rock the boat when you’re already taking on water, but that’s what CMHC has done. Despite a weakened housing market, the nation’s largest default insurer is making it tougher for people to get a mortgage. That is, for borrowers with higher debt loads, lower credit scores and borrowed down payments. Here’s CMHC’s official announcement. Its changes take...