Our 3.99% 6-Mo Fixed is the lowest mortgage rate available in Canada.

New Stress Test Rules Announced in 2021

Canada's mortgage 'stress test' is getting tougher. As of June 1, 2021, the qualifying rate is moving from 4.79% to 5.25%.

We can help you de-stress. Our expert, friendly brokers are here to answer your questions, and guide you to your best rate and right mortgage fit.

What change is coming?

On June 1, the stress test rate set by the federal government will jump nearly 1/2 a percent to 5.25%. This benchmark qualifying rate is reviewed annually in December, so it may change again by the end of the year.

How does it impact you?

In a nutshell, home buyers will now likely get approved for less home than they would have prior to June 1, 2021. Alone, this rate change wouldn’t have had a huge impact (around 4% - 5% reduction in mortgage affordability), but combined with rising prices — Canadians on the cusp of being able to afford a certain home may find that some desirable options disappear.

Are you a first-time home buyer? We can help.

Here are some quick comparison scenarios (using the 5.25% rate).

Our chart gives you an idea of the change in qualification numbers, plus our affordability calculator below has been updated with the 5.25% qualifying rate, so that you can see how your numbers may line up.

Please note: These scenarios and those produced by our calculator are highly simplified, and are a merely a snapshot of the June 1, 2021 stress test regulations. These examples will quickly become out of date.

Always consult an expert broker for tailored advice. We're here to help answer any questions and provide your best rate. Click the chat bubble, give us a call, or drop by a store location today.

Heating $100/mo $100/mo $100/mo P r ope r t y T a x e s $2800/yr $4000/yr $6500/yr Income $68,000/yr $110,000/yr $180,000/yr C ar L oan $225/mo $400/mo $ 7 00 /mo Credit Card $1800 $2500 $4500 Down Payment $35,000 $50,000 $90,000 $965K $915K $580K $555K $350K $335K

What can you afford?


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