New Stress Test, First Responder Program and Enhanced First Time Buyer Program
* New Stress test Rules As expected, the Office of the Superintendent of Financial Institutions (OFSI) confirmed that it will move ahead with the proposed new stress test which was announced in April. This will affect any uninsured mortgages which would affect anyone buying a property with more than 20% down payment, or anyone refinancing their mortgage. However, it was not expected that the Department of Finance is following OFSI’s lead and applying the new stress test to in