Big News about the Stress Test!

Effective April 6, 2020, the stress test qualifying guidelines are changing and there will be a new benchmark rate for qualifying insured mortgages.

As it stands today, this would give a discount of approximately 0.50% on the qualifying rates.

This will mean some positive changes with qualifying a buyer for a higher purchase price.

Click the link to read more information directly from Our Finance Minister:

LINK:   https://www.canada.ca/en/department-finance/news/2020/02/minister-morneau-announces-new-benchmark-rate-for-qualifying-insured-mortgages.html