BREAKING: Insured and Uninsured Mortgage - Stress Test Changing - May 2021

[Mortgage Made Easy]

This afternoon, at approximately 1pm (yesterday May 20), the Office of the Superintendent of Financial Institutions announced the result of its consultation regarding the uninsured mortgage stress test found in B20. As of June 1st, uninsured mortgages must qualify at the greater of a 5.25% (up from 4.79%) interest rate or the contract rate plus 2%. You can read the formal announcement HERE.

If you have questions or want to understand the impact to your specific situation, please PM.