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Canada’s federal banking regulator has confirmed that the elevated mortgage “stress test” proposed in April will take effect June 1 for borrowers with uninsured mortgages.
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Loan applicants who aren’t required to pay mortgage insurance because they’re making down payments of at least 20 per cent must be able to prove they can afford an interest rate of 5.25 per cent in order for their loans to be approved. That’s regardless of the mortgage rate they’re offered by their lender.