Under current OSFI (Office of the Superintendent of Financial Institutions) B-20 guidelines, what is the minimum qualifying rate for an insured mortgage stress test in Canada?
-
A
The contract rate only
-
B
The greater of the contract rate plus 2%, or the Bank of Canada 5-year benchmark rate (currently 5.25%)
-
C
The posted 5-year rate of the borrower's lender plus 1%
-
D
A flat rate of 6% regardless of the contract rate