Is the Stress Test Eliminated on All Mortgage Renewals?
Stress Test Eliminated on all Renewals & Transfers for All Mortgages Types
The strengthened Canadian Mortgage Charter now enables all mortgage holders, including insured mortgages and uninsurable mortgages, to switch lenders at renewal without being subject to another stress test.
These changes apply specifically to straight switches of insured and uninsured mortgages, where borrowers move to a new lender but maintain the same loan amount and amortization schedule.
This will foster greater competition and ensure Canadians have access to the best mortgage options in the market come time of their mortgage renewal.
While this new rule change has already been implemented for borrowers with insured mortgages, on November 21st, 2024, this improved policy change will also apply to uninsurable mortgages.
Effective November 21st, 2024.