Understanding Canada’s mortgage stress test
On Behalf of Porter Ramsay LLP | Mar, 18, 2022 | Real Estate Law
Prospective homebuyers in British Columbia have many things to consider, from housing wish-lists to preferred locations to how to navigate an increasingly competitive market. Chief among these considerations is budget. While the budget you’re comfortable with is a largely personal matter, there are also external factors that impact the mortgage amount an individual may access. This is determined by banks, but is also governed by federal legislation through the mortgage stress test. What is the mortgage stress test? The mortgage stress test is a tool that lenders are mandated to use to qualify applicants for mortgages. As of 2022, the... View Article