Credit Unions in Manitoba will not be subject to new mortgage rules set by the federal government on January 1.
Known as a "stress test," the regulations now require federally regulated financial institutions to vet applicants using a minimum qualifying rate equal to the greater of the Bank of Canada’s five-year benchmark rate of 4.99 percent.
The new guidelines would mean that qualified home buyers will be able to borrow 10 to 20 percent less money than before the new rules came into effect.
As Credit Unions are provincially regulated, they do not have to follow the new rules.
