CMHC Statement — The Government of Canada Remains Committed to Promoting a Healthy, Stable and Resilient Housing Market

Today, the Minister of Finance, announced changes to the benchmark interest rate used to determine the minimum qualifying interest rate (or stress test) for insured mortgages. These changes will take effect April 6, 2020.

The adjusted stress test for insured mortgages will continue to be an important measure to help ensure Canadians, especially first-time home buyers, take on mortgages they can afford.

The Office of the Superintendent of Financial Institutions (OSFI) also announced today that it is considering the same new benchmark rate for its stress test that applies to uninsured mortgages. OSFI will be consulting with stakeholders on this potential change.

Canada Mortgage and Housing Corporation supports the Government of Canada’s actions to promote the long-term strength, stability and resiliency of Canada’s housing markets and financial system.