As of March 13th, 2020, a previously announced change to the mortgage stress test for insured mortgages has been suspended. The proposed changes were announced on Februrary 18th, 2020 by Minister Morneau and included a change to the Benchmark Rate for insured mortgages to be set to the weekly median 5-year fixed insured mortgage rate as calculated by the Bank of Canada plus an additional 200 basis points, to take effect April 6th, 2020. These changes are now suspended.
The Benchmark Rate for insured mortgages will continue to be the 5-Year Benchmark Rate currently at 5.19% until further notice.
The Benchmark Rate for uninsured mortgages was not part of the proposed changes and will continue to remain at the 5-Year Benchmark Rate of 5.19%.