FAQ
Frequently asked questions
What is the mortgage stress test?
The mortgage stress test is a qualification requirement that ensures you can afford your mortgage payments if interest rates rise. You must qualify at a higher rate than your actual mortgage rate.
Does the stress test apply to all mortgages?
The stress test applies to most mortgages from federally regulated lenders, including new purchases, refinances, and switches.
What is a fixed-rate mortgage?
A fixed-rate mortgage has an interest rate that stays the same for the entire term, providing predictable payments.
What is the minimum down payment in Canada?
The minimum down payment is:
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5% for homes up to $500,000
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10% for the portion between $500,000 and $999,999
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20% for homes priced at $1 million or more
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