Mortgage Stress Test Rate Drops to 4.94%

On Saturday, Scotiabank trimmed its posted 5-year fixed rate to 4.94%, putting the mode average of the Big 6 Banks’ 5-year posted rates—and hence the minimum stress test rate—at 4.94%.


  • Compared to last week, buyers will need about 0.8% less income ($102,150 total) to afford the average-priced ($488,203) home in Canada, assuming 5% down, a 25-year amortization and no other debts.

  • With the rate at 4.94%, a household making $100,000 a year with 5% down and no other debt can afford about a $4,000 larger mortgage.

One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER in Kelowna, BC!

Michael Huber
Huber Mortgage

PS – I’m always available if you have any mortgage related questions.  Contact me HERE.

If you’d like some handy tips on how to save money when you buy your next house, Check out the free Huber Mortgage Home Buyers Guide HERE

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