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Superintendent of Financial Institutions Peter Routledge said a review of the country’s mortgage-underwriting rules that starts later this week will look beyond its current main measure — a stress test requiring borrowers to qualify for higher interest rates than what their banks are offering.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“The question in our minds is, is it sufficient?” Routledge said of the current stress test. “So we will look at a broader range of debt-serviceability tools, including debt-to-income constraints, debt-service constraints, as well as the current interest-rate stress test tool.” Bucking pressure to weaken its rules, the Office of the Superintendent of Financial Institutions in December maintained the stress test, which requires borrowers seeking uninsured mortgages to qualify for their loans at a rate two percentage points higher than the bank’s offered rate or 5.25 per cent, whichever is higher.
Canadian home prices fell for a ninth straight month in November, bringing the cumulative price drop from February’s peak to 11.5 per cent. At the same time, interest rates have soared this year as the Bank of Canada seeks to tamp down inflation.
Source: Financial Digest (financialdigest.net)
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