How is it calculated?
You must qualify at the greater of your contract rate + 2% or 5.25%. Lenders then check that housing costs stay within 39% of gross income (GDS) and all debts within 44% (TDS).
What should I do with the result?
Use it to set a budget or a target rate, then let brokers and lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
Licensed mortgage brokers bid alongside banks, credit unions and private lenders on MortgageBids.ca. One broker bid can tap dozens of lenders, and on most prime mortgages the lender pays the broker, not you. Why use a mortgage broker · Get broker and lender bids
Frequently asked questions
Do renewals need the stress test?
Not for an uninsured straight switch at a federally regulated lender since November 21, 2024.
Related
Challenge your mortgage rate
Connect with verified brokers and lenders bidding on your mortgage. Free for homeowners, four short steps.