What home buyers should know about the Canadian mortgage stress test

Author: External Author | Categories: Commercial Mortgage , Debt Consolidation , First Time Home Buyer , First Time Home Buyer Mortgage , Mortgage Agent , Mortgage Pre Approval , Mortgage Renewal , Mortgage Services , New to Canada Mortgage , Refinance Mortgage , Reverse Mortgage

If you have a mortgage or plan to get one, the stress test will affect you. Here's what to know about the rules, including what changed in 2021.

Starting in 2018, the federal government began using a mortgage stress test for anyone applying for or renewing a home loan. But, if you’re like nearly half of Canadians polled by TD Bank in 2019, you may not understand what the test is—or who it affects.

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Original Article Source Credits: Money Sense, https://www.moneysense.ca

Article Written By: TAMAR SATOV

Original Article Posted on: DECEMBER 10, 2021

Link to Original Article: https://www.moneysense.ca/spend/real-estate/what-home-buyers-should-know-about-the-canadian-mortgage-stress-test