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Mortgage rules

Feb 25, 2020

Changes to the mortgage stress test

By CREB®

Last week, Minister of Finance Bill Morneau announced changes to the mortgage stress test.

The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent.

To learn more about these changes, check out CREA's article


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