Mortgage stress tests unchanged despite housing market slowdown

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“In an environment characterized by sustained high inflation, rising mortgage interest rates, and potential risks to borrower income, it’s prudent that lenders continue to test borrowers for adverse conditions,” said Tolga Yalkin, OFSI’s Assistant Superintendent of Policy, Innovation and Stakeholder Affairs, during a media briefing.

He said OFSI would be looking at a wide range of perspectives on ways to update the stress test as it launches a likely months-long review of the regulations in January. The Canadian Real Estate Association said Thursday that November home sales were down 39 per cent from a year ago and the average home price was down 12 per cent, while seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis.“It’s the actual contract mortgage rate that matters most, but certainly when you have stress test rates this high it’s just crimping the amount of available lending that’s out there for homebuyers.

Well, yeah. That's kinda the point of the stress test.

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