What a supersized rate hike by the Bank of Canada will mean to your mortgage — via financialpost ratehike mortgage
All six of Canada’s
This marks a “real turning point” because posted rates are now high enough that homebuyers and homeowners looking to renew their mortgage with another lender will have to qualify at percentages above the current stress test, which is 5.25% or 2% above the offered rate, whichever is higher. A higher stress test rate will kick in on mortgage rates starting at 3.26%, she said. While every case is different, she estimates that for every .25% increase above 5.25%, buyers can expect about $12,000 less in financing.
If a homeowner puts down a 10% down payment on a $800,000 home with a 5-year variable rate of 1.15% amortized over 25 years the monthly mortgage payment would be $2,847.
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