A much-criticized mortgage “stress test,” however, is staying in place. While Ottawa is offering new loans to first-time homebuyers, a stricter mortgage stress test introduced last year will remain in place. To qualify, Canadians would need a household income of $120,000 or less, and could not have previously owned a home. A mortgage stress test introduced as part of new lending regulations in January 2018 will be sticking around. The stress test has meant some people — particularly younger Canadians and other first-time homebuyers — can’t qualify for mortgages.

Source: thestar March 19, 2019 20:48 UTC