More changes to the mortgage stress test!

Paula Tysoski
Saturday, April 10, 2021
More changes to the mortgage stress test!

In response to increasing house prices across Canada the OSFI is proposing changes to the stress test to help control the housing market. Note that these rules will apply to uninsured mortgages.

Now more than ever it is important that you understand the ins and outs of the home buying and selling process, including the financing involved. Having professional real estate team will help avoid complications that could cost you thousands of dollars! Our home selling system gives buyers and sellers an advantage. Visit

This change is proposed for June 2021and can make a huge difference in qualifying for your mortgage and potentially affect a sellers bottom line.



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Here is what the change would look like if adopted

$450,000 purchase price

$90,000 20% down payment – minimum amount down for uninsured mortgages

$5,475 land transfer tax (-$4000 if you are a first-time home buyer)

$360,000 total mortgage amount

What you would actually pay:

1.79% mortgage rate

$687 actual bi-weekly mortgage payment ($1,488/month)

What you need to qualify for with the current stress test

4.79% mortgage rate

$946 bi-weekly mortgage payment ($2,051/month)

What you will need to qualify for when the proposed changes to the stress test

5.25% mortgage rate

$989 bi-weekly mortgage payment ($2,145/month)

What you will need to qualify for when the proposed changes to the stress test

5.25% mortgage rate

$1,221 bi-weekly mortgage payment

You will need to qualify for 2% higher than your actual rate or 5.25% whichever is higher. The above example shows the impact to affordability these changes will make.

The time to buy is now if you want to avoid having to qualify under these new stricter rules.
?? Get a free list of our 10 Best Buys in Brant here ??

Sellers may want to consider selling because many buyers currently have more buying power than they will after the changes. 
?? Find out how much your home will sell for in today's market here ??

See the OFSI website here for additional details. 

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