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HomeNewsNo changes coming to uninsured mortgages in Canada

No changes coming to uninsured mortgages in Canada

The minimum qualifying rate for uninsured mortgages, otherwise known as the stress test, will not change.

As part of its annual review, the Office of the Superintendent of Financial Institutions says it is prudent to maintain the standard even with high-interest rates forcing borrowers to qualify at higher rates.

Anyone applying for a mortgage must prove they can handle mortgage payments higher than their contract rate.

That is a five-and-a-quarter percent or whatever the mortgage contract rate is plus two percent, whichever is higher.

with files from Vista Radio newswire

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