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Variable rates are easier to qualify

Location
Vancouver, Toronto, Calgary
Publish Date
2022/07/28

As interest rates continue to rise, it's getting harder and harder for Canadians to buy a home. In just 4-mo, the required income to pass the mortgage stress test ↑ $18K in major Canadian cities. However, the stress test numbers tend to come back a little better for variable rate mortgages, at ~ 6%.

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Canada, Ottawa, Vancouver Island, Edmonton, Kelowna, Saskatchewan