Mortgage Stress-test policy update

Effective today, borrowers with LESS than 20% down payment are required to qualify at the Bank of Canada benchmark interest rate (which is currently 4.64%). It does not mean you will pay this higher rate, but rather you just have to demonstrate that you can qualify even at this higher rate. Borrowers with 20% down payment or greater will not have to qualify in this manner until Nov. 30th.