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CMHC defends mortgage stress test changes amid calls for loosening rules – Salmon Arm Observer

Among the new rules is a requirement that borrowers pass a "stress test" to gauge their ability to pay back the loan if mortgage rates were to rise. The goal of that policy effectively was to make it harder to get insurance, which would help make sure that people buying houses are financially able to do so.

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Tougher stress-testing hits cmhc mortgage insurance volumes. CMHC does not break out its business volumes by region, but said Ontario accounted for 33.6 per cent of national home buyer loans insured in the third quarter this year, down from 36.4 per cent in the same quarter last year.

So, whether or not you agree with the OSFI’s new housing regulations, the mortgage stress test will soon be a mandatory trial that all potential homeowners and those switching lenders must endure. If you’re applying for a high-ratio mortgage, you may have recently had to take the stress test.

Wondering about Canada’s new mortgage rules and accompanying stress test in 2018? How does it impact your ability to buy a home? Watch this video as we review the new rules, explain the stress test and discuss the future of mortgage rates.

Homes are pictured in Vancouver on April 16, 2019. The Canada Mortgage and Housing Corporation is defending the mortgage stress test amid calls for the measure to be changed.

What that means is that even if you get a mortgage rate of 2.89%, the new stress test requires that you qualify for a mortgage of 5.34% – even though you’ll still be paying the contracted 2.89%. For most, that will mean qualifying for a home that costs 20% less than they would have prior to the new stress test rule.

A 25-year-old man is in custody following a shooting at a church in Salmon Arm, B.C., that left one person dead and sent another in hospital Sunday morning.. CMHC defends mortgage stress test.

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The new mortgage "stress test" is stressing out the market. CMHC says volumes decreased largely as a result of the new regulations announced by the federal government in the fourth quarter of 2016.

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