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New Stress Test Increase Alert!

 
New Stress Test Increase Alert!

Posted: April 09 2021

Hurry! Make Your Money Moves this Weekend!

Attention homebuyers! If you're planning on purchasing a new home with less than 20 percent down–now is the time to lock in your mortgage! Effective next week your purchasing power lowers by nearly 4 percent! The OSFI (Office of the Superintendent Financial Institutions) just released the new benchmark stress test increase from 4.79 percent to 5.25 percent.


This ultimately means it’s going to be more difficult to get the mortgage approval you want, if you’re opting for an uninsured mortgage (which means you’re putting less than a 20 percent down on your new home). This new benchmark rate is expected to be put into effect next week. In other words–get your mortgage approvals locked in and find your new Landmark Home ASAP!


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