December 17, 2021 – Mortgage Stress Test Held Steady by OSFI

by | Dec 17, 2021 | Industry Updates

The Office of the Superintendent of Financial Institutions (OSFI) announced the mortgage qualifying rate for uninsured mortgages will remain at the mortgage contract rate plus 2% or 5.25%. An uninsured mortgage is a residential mortgage with a down payment of 20% or more. The decision by OSFI is in response to rising household debt and low-interest rates. The OSFI monitors the stress test rate to protect homeowners from rising interest rates and banks from defaults on mortgage payments.

Source OSFI News Release

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