Highlights from this in-depth article include:
- .The net/net is that variable-rate borrowers whose applications received both lender and insurer approval before July 14.
- The Bank of Canada’s historic 100-bps rate hike last week has led to confusion over how the stress test should be applied to variable rate mortgage (VRM) applications already in lender pipelines.
- On Tuesday, July 19 Canada’s three mortgage insurers—Sagen, CMHC and Canada Guaranty—issued a joint statement to provide clarification on the matter.
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