Canadian Government Eases Mortgage Stress Test
In a significant move to address housing concerns, the Canadian government's fall fiscal update proposes easing the mortgage stress test, particularly for homeowners anticipating higher interest rates. The introduction of a Canadian Mortgage Charter signifies a commitment to establishing clear expectations for lender-homeowner interactions, fostering a more competitive market.
As part of these changes, homeowners with insured mortgages up for renewal may no longer be required to undergo the stress test when switching lenders, presenting new opportunities in the evolving mortgage landscape. This adjustment aligns with the government's broader focus on enhancing housing affordability, providing Canadian mortgage brokers with a chance to contribute to market competitiveness.
Source: Global News
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