After Canada’s biggest banks raised their prime lending rates to 6.45% in response to the Bank of Canada’s 50-basis-point rate increase last week, the stress test for some Canadian mortgage seekers is hitting above 8%.
OSFI’s stress test applies to uninsured mortgages, though the federal Department of Finance has matched the regulator’s qualifying standard on insured products.
“Ensuring the stability of Canada’s housing market is essential to protecting Canadians and to upholding Canada’s financial and economic resilience,” she said in a statement. OSFI said in a brief statement Thursday that while today’s mortgage applicants are already qualifying in a higher rate environment, the stress test remains a “sound” practice for lenders.Sticky inflation would warrant ‘much higher’ interest rates, BoC’s Macklem warns
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