Where Is It Written, As Time Goes By Life Under Capitalism Gets Easier.

In the past getting a mortgage in Canada required going to the lender and meeting their qualifying rate. Then if someone was approved by the lender at that rate they could get a mortgage, but not anymore, chum. 

Now anyone applying will have to pass a stress test which requires that the applicants meet the Bank of Canada's 5 year mortgage rate, or their contractual rate plus an extra 2 per cent, whichever is greater.

 For those renewing their mortgage who fail the stress test, will be forced to accept a higher interest rate with their current lender and will not have the freedom to shop around for a better rate. Those seeking to refinance to pay for home renovations will also face the stress test. 

This means prospective buyers will have less money available to them than in the past, but where is it written, As time goes by life under capitalism gets easier.

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Steve, Mehmet, John &
contributing members of the SPC .