Canada’s mortgage stress test is ‘imperfect’; review ongoing -regulator head ...Middle East

The moon rises over the Toronto city skyline as seen from Milton, Ontario, Canada, January 23, 2016. REUTERS/Mark Blinch/File Photo Acquire Licensing Rights TORONTO, Sept 7 (Reuters) – The head of Canada’s banking regulator said on Thursday its mortgage stress test was “imperfect” and “incomplete” as homeowners on a variable rate mortgages struggle to repay their loans after the central bank’s series of interest rate hikes. Office of the Superintendent of Financial Institutions’ (OFSI) Superintendent Peter Routledge, speaking at the Scotiabank Financials Summit, addressed the rising financial pressure Canadians are facing such as payment shock at the time of renewal as their fixed

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