Qualification
Stress Test
What is Stress Test?
A requirement that borrowers qualify at a higher interest rate than their contract rate. You must qualify at the greater of your rate + 2% or the Bank of Canada 5-year benchmark rate (currently ~5.25%).
A requirement that borrowers qualify at a higher interest rate than their contract rate. You must qualify at the greater of your rate + 2% or the Bank of Canada 5-year benchmark rate (currently ~5.25%).