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Interest Rates Climb Again, But Mortgage Stress Test Likely to Remain Unchanged

Interest Rates Climb Again, But Mortgage Stress Test Likely to Remain Unchanged

  • Dec 07, 2022

If you've applied for a mortgage or renewed one in the past few years you will likely have heard about the mortgage stress test. It's a protective measure that the government put in place to make sure Canada never saw a mortgage meltdown like the United States did in 2008. It would test a borrower's ability to pay should interest rates sharply rise by calculating their mortgage amount based on prime rate plus 2%.

Given that mortgage rates have already climbed to their highest rate in ...

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