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Mortgage Stress Test Rate in Canada: Balancing Market Stability and Housing Affordability

In winter, the OSFI decided to keep the mortgage stress test rate unchanged, sparking a debate on financial prudence versus housing affordability in Canada. The CHBA calls for a lower rate to improve housing affordability, while the Bank of Canada emphasizes the importance of the stress test for financial stability. Canada's banking system is praised for its resilience and rigorous stress tests, ensuring stability during economic crises. The challenge lies in balancing policy decisions with the aspirations of individuals seeking homeownership.

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