Get Raps ticket right here!” The mortgage market works according to similar principles. Borrowers at MICs don’t have to pass the mortgage stress test, but they face higher borrowing costs. So, to the extent that more borrowers use alternative channels … the market might be riskier than perceived.” Risky borrowers, high rates But regulators do track some of the activities of MICs. But they also face much higher mortgage rates ― between 7 and 15 per cent, according to CMHC’s report. Borrowing from a major bank at 3.3 per cent, on an average-priced home in Canada today a mortgage would cost $1,975 a month.

Source: Huffington Post July 21, 2019 16:07 UTC