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On April 6th the Federal Government is looking at changing the benchmark rate...


On April 6th the Federal Government and Finance Minister are looking at changing the benchmark rate used in the stress test. The benchmark rate is currently calculated by the Bank of Canada and based on the 5 year conventional mortgage rate, offered by the big lenders. Following a review, both the federal government and OFSI agreed that the benchmark rate had fallen out of step with actual housing market conditions.

This should make it easier for potential buyers to qualify now.






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