Starting November 21, 2024, homeowners with uninsured mortgages will have one less obstacle when it’s time to renew. OSFI has announced that the federally required mortgage stress test will no longer apply to uninsured mortgage switches at renewal. This change empowers borrowers to explore better mortgage options without needing to requalify under the stress test, potentially saving them money.

It’s important to note that insured mortgage switches have always been exempt from the stress test—a rule that was reiterated in October 2023. Whether your mortgage is insured or uninsured, this update makes renewal an even better time to shop around and secure the deal that works best for you.