On April 6th, the Benchmark Rate for the mortgage stress test for insured mortgages only will 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. This was announced by Minister Morneau on Februrary 18th, 2020 as a measure to more dynamically and accurately follow real market mortgage rates.
At current 5-year fixed insured mortgage rates, this will be roughly equivalent to the current 5-Year Benchmark Rate of 5.19%. The new rate, however, will be published and fluctuate weekly. It is important to continue to monitor your stress test eligibility as your qualifying rates change.
As of the latest announcement on Februrary 18th, 2020, uninsured mortgages will continue to use the current 5-Year Benchmark Rate at 5.19% as their stress test benchmark rate.
Bookmark this page to keep updated on your stress test eligibility once the new Benchmark Rate is published. Our calculator will be updated with the latest Benchmark Rates as soon as they are published. The current 5.19% 5-Year Benchmark Rate still remains in effect and the new rates are predicted not to be significantly different from the current rate.