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What you need to know about Canada’s new mortgage rules

As of January 1, 2018, all federally regulated financial institutions are required to vet borrowers’ applications using a minimum qualifying rate. This is called the Canadian Mortgage Stress Test. The rate you are tested at is determined by the size of your down payment.

What is the Mortgage Stress Test?

The "financial stress test" is a federal guideline that is designed to protect Canadians to ensure they will be okay financially if interest rates were to rise substantially above their current mortgage rate.

Why am I being tested?

The stress test ensures ALL Canadians are capable of borrowing money with the longevity of their mortgage at top of mind.

What does the stress test mean for first time buyers?

This means borrowers will qualify for about 20% less, on average. You won't have to pay any extra for borrowing, but you won't be able to borrow as much.

How much will I qualify for?

Our tools factor in the stress test. They are free, simple to use and take only minutes to determine how much you can borrow. Curious?

How does the Mortgage Stress Test work?

The amount you can borrow is tested at a higher rate based on the amount of your down payment. This ensures Canadians will be able to keep their standard of living if rates raise during the life of their mortgage. Based on your down payment you can expect one of the two options below.

Option 1:
down payment Between 5%-20%

Borrowers that have a down payment between 5% and 20% will be tested at the Bank of Canada conventional five-year mortgage rate

Option 2:
down payment of 20% OR MORE

Borrowers that have a down payment of 20% or higher will be tested at the highest rate of the following:

Cathy Okrafka, Mortgage Expert

Cathy Okrafka

Mortgage Experience Manager

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How to get the best mortgage rates

Great mortgages are more than just a great rate. Our industry leading tools allow you to compare rates, penalties, and mortgage features from over 45 lenders. This ensures you get the perfect mortgage to match your lifestyle. Our processes are thorough; this ensures new homeowners have the most accurate information to make the largest purchase their lives.

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The best way to get the best rate is for us to understand you and your lifestyle. We promise to match a mortgage perfect to your unique situation. Thinking of starting a family? Investing in a fixer-upper? Let us position you for success.

Fixed Rate

5-Year Closed


Our mortgage rates*

Down payment less than 20%

Fixed Rate

5-Year Closed


Variable Rate

5-Year Closed


20% or more down payment

Fixed Rate

5-Year Closed


Variable Rate

5-Year Closed


* On accepted credit. Mortgage rates vary based on your credit score, assets, liabilities, down payment ratio, and a number of other factors. The best way to determine your true pre-approved rate is to call us at 1-877-341-1299. Rates are subject to change without notice.