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  • Mike Tait

New Mortgage Stress Test Coming Into Effect June 1

The new mortgage stress test is coming June 1 whereby all buyers that will require an uninsured mortgage will now have to qualify at 5.25% (or their mortgage contract rate +2 percentage points | whichever is higher).

Currently, only buyers that are putting down less than 20% have to go through the stress test at the rate 4.79%. This new stress test applies to even those with more than 20% of a downpayment onto their mortgage.

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