{"id":7711,"date":"2020-02-27T14:51:52","date_gmt":"2020-02-27T19:51:52","guid":{"rendered":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/"},"modified":"2024-07-09T11:35:53","modified_gmt":"2024-07-09T15:35:53","slug":"mortgage-stress-test-benchmark-rate-changes","status":"publish","type":"post","link":"https:\/\/www.teranet.ca\/fr\/insights\/mortgage-stress-test-benchmark-rate-changes\/","title":{"rendered":"Mortgage Stress Test Benchmark Rate Changes"},"content":{"rendered":"<p>Canada\u2019s mortgage stress test is being altered.<\/p>\n<p>On February 18, 2020, Minister of Finance, Bill Morneau, <a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2020\/02\/minister-morneau-announces-new-benchmark-rate-for-qualifying-insured-mortgages.html\" target=\"_blank\" rel=\"noopener noreferrer\">announced that<\/a> the benchmark rate for insured mortgages is changing.<\/p>\n<p>Effective April 6, 2020, borrowers with insured mortgages will need to qualify for a mortgage based on a rate equal to the weekly median 5-year fixed insured mortgage rate, plus 2%.<\/p>\n<p>Currently, the stress test rate for insured mortgages is 5.19% Under the new stress test rate (if it were in effect today), it would be about 4.89%.<\/p>\n<p>\u201cFor many middle class Canadians, their home is the most important investment they will make in their lifetime,\u201d Minister Morneau said.<\/p>\n<p>\u201cOur government has a responsibility to ensure that investment is protected and to support a stable housing market. The government will continue to monitor the housing market and make changes as appropriate. Reviewing the stress test ensures it is responsive to market conditions.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianmortgagetrends.com\/2020\/02\/questions-new-stress-test-rate-answers\/\" target=\"_blank\" rel=\"noopener noreferrer\">According to <em>Canadian Mortgage Trends<\/em><\/a>, as of 2018 insured mortgages accounted for less than a third of new mortgages.<\/p>\n<p>The Office of the Superintendent of Financial Institutions (OSFI) is also considering <a href=\"https:\/\/www.osfi-bsif.gc.ca\/Eng\/fi-if\/in-ai\/Pages\/bnchrt-let.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">a similar benchmark change for stress testing uninsured mortgages<\/a>. They are accepting input from stakeholders by email until March 17, 2020.<\/p>\n<p>The stress test on insured mortgages has been in place since 2016. The test for uninsured mortgages came into effect in January 2018.<\/p>\n<p>See what Canadian mortgage and financial industry professionals are saying about the stress test changes on the Purview blog: <a href=\"https:\/\/www.purview.ca\/new-mortgage-stress-test-qualifying-rate-changes-february-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.purview.ca\/new-mortgage-stress-test-qualifying-rate-changes-february-2020\/<\/a>.<\/p>\n<p>Discover what this could mean for the real estate market on the GeoWarehouse blog: <a href=\"https:\/\/www2.geowarehouse.ca\/mortgage-stress-test-benchmark-rate-change-february-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www2.geowarehouse.ca\/mortgage-stress-test-benchmark-rate-change-february-2020\/<\/a>.<\/p>\n<p>What do you think about the new mortgage stress test rules? Share with us on social media. Find us on <a href=\"https:\/\/twitter.com\/TeranetBusiness\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a> and <a href=\"https:\/\/www.linkedin.com\/company\/teranet-inc.\/\" target=\"_blank\" rel=\"noopener noreferrer\">LinkedIn<\/a>.<\/p>\n<p>Discover our commercial solutions that deliver authoritative registration services, reliable market data, industry insights, and efficient, powerful software to the real estate community. Learn more at <a href=\"https:\/\/www.teranet.ca\/commercial-solutions\/\">https:\/\/www.teranet.ca\/commercial-solutions\/<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s mortgage stress test is being altered. On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing. Effective April 6, 2020,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":4629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[119],"tags":[],"class_list":["post-7711","post","type-post","status-publish","format-standard","has-post-thumbnail","category-financial-solutions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Stress Test Benchmark Rate Changes - Teranet<\/title>\n<meta name=\"description\" content=\"On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Stress Test Benchmark Rate Changes\" \/>\n<meta property=\"og:description\" content=\"On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/\" \/>\n<meta property=\"og:site_name\" content=\"Teranet\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-27T19:51:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-09T15:35:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.teranet.ca\/wp-content\/uploads\/2020\/02\/new-mortgage-stress-test-sm.png\" \/>\n\t<meta property=\"og:image:width\" content=\"189\" \/>\n\t<meta property=\"og:image:height\" content=\"180\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Teranet Inc.\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TERANET_SOCIAL\" \/>\n<meta name=\"twitter:site\" content=\"@TERANET_SOCIAL\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Teranet Inc.\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/\"},\"author\":{\"name\":\"Teranet Inc.\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#\\\/schema\\\/person\\\/a3473172ca2af8297c96b2abd8056dcd\"},\"headline\":\"Mortgage Stress Test Benchmark Rate Changes\",\"datePublished\":\"2020-02-27T19:51:52+00:00\",\"dateModified\":\"2024-07-09T15:35:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/\"},\"wordCount\":315,\"publisher\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.teranet.ca\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/new-mortgage-stress-test-sm.png\",\"articleSection\":[\"Financial Solutions\"],\"inLanguage\":\"fr-CA\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/\",\"url\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/\",\"name\":\"Mortgage Stress Test Benchmark Rate Changes - Teranet\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.teranet.ca\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/new-mortgage-stress-test-sm.png\",\"datePublished\":\"2020-02-27T19:51:52+00:00\",\"dateModified\":\"2024-07-09T15:35:53+00:00\",\"description\":\"On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.teranet.ca\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/new-mortgage-stress-test-sm.png\",\"contentUrl\":\"https:\\\/\\\/www.teranet.ca\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/new-mortgage-stress-test-sm.png\",\"width\":189,\"height\":180},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.teranet.ca\\\/fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgage Stress Test Benchmark Rate Changes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#website\",\"url\":\"https:\\\/\\\/www.teranet.ca\\\/\",\"name\":\"Teranet\",\"description\":\"Reliable Data + Insightful Solutions\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.teranet.ca\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":[\"Organization\",\"Place\"],\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#organization\",\"name\":\"Teranet\",\"url\":\"https:\\\/\\\/www.teranet.ca\\\/\",\"logo\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#local-main-organization-logo\"},\"image\":{\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#local-main-organization-logo\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/TERANET_SOCIAL\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/teranet-inc.\\\/\"],\"telephone\":[],\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\",\"Saturday\",\"Sunday\"],\"opens\":\"09:00\",\"closes\":\"17:00\"}]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/#\\\/schema\\\/person\\\/a3473172ca2af8297c96b2abd8056dcd\",\"name\":\"Teranet Inc.\",\"url\":\"https:\\\/\\\/www.teranet.ca\\\/fr\\\/insights\\\/author\\\/slawekbadowskicrossleaf-ca\\\/\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/www.teranet.ca\\\/insights\\\/mortgage-stress-test-benchmark-rate-changes\\\/#local-main-organization-logo\",\"url\":\"https:\\\/\\\/www.teranet.ca\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/teranet_logo.webp\",\"contentUrl\":\"https:\\\/\\\/www.teranet.ca\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/teranet_logo.webp\",\"width\":1842,\"height\":256,\"caption\":\"Teranet\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Mortgage Stress Test Benchmark Rate Changes - Teranet","description":"On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/","og_locale":"fr_CA","og_type":"article","og_title":"Mortgage Stress Test Benchmark Rate Changes","og_description":"On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing.","og_url":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/","og_site_name":"Teranet","article_published_time":"2020-02-27T19:51:52+00:00","article_modified_time":"2024-07-09T15:35:53+00:00","og_image":[{"width":189,"height":180,"url":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2020\/02\/new-mortgage-stress-test-sm.png","type":"image\/png"}],"author":"Teranet Inc.","twitter_card":"summary_large_image","twitter_creator":"@TERANET_SOCIAL","twitter_site":"@TERANET_SOCIAL","twitter_misc":{"\u00c9crit par":"Teranet Inc.","Estimation du temps de lecture":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#article","isPartOf":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/"},"author":{"name":"Teranet Inc.","@id":"https:\/\/www.teranet.ca\/#\/schema\/person\/a3473172ca2af8297c96b2abd8056dcd"},"headline":"Mortgage Stress Test Benchmark Rate Changes","datePublished":"2020-02-27T19:51:52+00:00","dateModified":"2024-07-09T15:35:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/"},"wordCount":315,"publisher":{"@id":"https:\/\/www.teranet.ca\/#organization"},"image":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#primaryimage"},"thumbnailUrl":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2020\/02\/new-mortgage-stress-test-sm.png","articleSection":["Financial Solutions"],"inLanguage":"fr-CA","copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/www.teranet.ca\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/","url":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/","name":"Mortgage Stress Test Benchmark Rate Changes - Teranet","isPartOf":{"@id":"https:\/\/www.teranet.ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#primaryimage"},"image":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#primaryimage"},"thumbnailUrl":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2020\/02\/new-mortgage-stress-test-sm.png","datePublished":"2020-02-27T19:51:52+00:00","dateModified":"2024-07-09T15:35:53+00:00","description":"On February 18, 2020, Minister of Finance, Bill Morneau, announced that the benchmark rate for insured mortgages is changing.","breadcrumb":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#primaryimage","url":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2020\/02\/new-mortgage-stress-test-sm.png","contentUrl":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2020\/02\/new-mortgage-stress-test-sm.png","width":189,"height":180},{"@type":"BreadcrumbList","@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.teranet.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"Mortgage Stress Test Benchmark Rate Changes"}]},{"@type":"WebSite","@id":"https:\/\/www.teranet.ca\/#website","url":"https:\/\/www.teranet.ca\/","name":"Teranet","description":"Reliable Data + Insightful Solutions","publisher":{"@id":"https:\/\/www.teranet.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.teranet.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":["Organization","Place"],"@id":"https:\/\/www.teranet.ca\/#organization","name":"Teranet","url":"https:\/\/www.teranet.ca\/","logo":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#local-main-organization-logo"},"image":{"@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#local-main-organization-logo"},"sameAs":["https:\/\/x.com\/TERANET_SOCIAL","https:\/\/www.linkedin.com\/company\/teranet-inc.\/"],"telephone":[],"openingHoursSpecification":[{"@type":"OpeningHoursSpecification","dayOfWeek":["Monday","Tuesday","Wednesday","Thursday","Friday","Saturday","Sunday"],"opens":"09:00","closes":"17:00"}]},{"@type":"Person","@id":"https:\/\/www.teranet.ca\/#\/schema\/person\/a3473172ca2af8297c96b2abd8056dcd","name":"Teranet Inc.","url":"https:\/\/www.teranet.ca\/fr\/insights\/author\/slawekbadowskicrossleaf-ca\/"},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.teranet.ca\/insights\/mortgage-stress-test-benchmark-rate-changes\/#local-main-organization-logo","url":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2022\/02\/teranet_logo.webp","contentUrl":"https:\/\/www.teranet.ca\/wp-content\/uploads\/2022\/02\/teranet_logo.webp","width":1842,"height":256,"caption":"Teranet"}]}},"_links":{"self":[{"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/posts\/7711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/comments?post=7711"}],"version-history":[{"count":0,"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/posts\/7711\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/media\/4629"}],"wp:attachment":[{"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/media?parent=7711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/categories?post=7711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.teranet.ca\/fr\/wp-json\/wp\/v2\/tags?post=7711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}