The stress test determines if you will still be able to make your mortgage payments should interest rates increase.
The minimum qualifying stress test rate is either the Bank of Canada benchmark rate, or whatever your lender is offering you plus two per cent.
For example, if your lender is offering you a 4.5 per cent interest rate, then you would have to qualify at 6.49 per cent.
Cait Holmes is a mortgage broker in the qathet region.
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