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13 Feb

OSFI Hints at Changes to the Mortgage Stress Test Qualifying Rate

Mortgage Facts & Stats

Posted by: Garth Chapman

OSFI on the STRESS TEST – expect a modest relaxation, likely not enough to really help us on the Prairies.

OSFI on RENEWALS – not sure if we’ll see elimination of the stress test for borrowers who want to move their maturing mortgage to another lender at maturation.

OSFI on HELOCS – we may see a tightening on this product as the ‘boss of the banks’ sees a threat from consumers using their HELOCs as bank machines.

More here