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OSFI's minimum qualifying rate (MQR) has anchored Canadian mortgage underwriting since 2016 — here is how the floor has changed, milestone by milestone.
minimum qualifying rate floor for uninsured mortgages, 2026
— unchanged since June 1, 2021, and reconfirmed at OSFI's most recent annual review.
OSFI (Office of the Superintendent of Financial Institutions)
Each milestone shows the qualifying-rate floor a borrower had to clear at that point in the stress test's history.
The floor tracked the Bank of Canada's posted 5-year benchmark rate from 2016 through May 2021; since June 1, 2021 it has been a fixed 5.25% (or contract rate + 2%, whichever is higher). Sources: OSFI, Bank of Canada.
The stress test started with insured mortgages, in 2016: borrowers with less than 20% down had to qualify at the Bank of Canada's posted 5-year benchmark rate, then 4.64%.
B-20 extended it to uninsured mortgages in 2018: buyers with 20%+ down had to start qualifying at the greater of the posted rate or their contract rate plus 2%.
June 1, 2021 was the biggest structural change: OSFI replaced the floating posted-rate floor (4.79% in May 2021) with a fixed 5.25% floor, judging housing-market risk to be elevated.
The floor has now held for multiple straight annual reviews: OSFI reviews the MQR every December and, as of its most recent confirmation, the rate remains the greater of contract-plus-2% or 5.25%.
| Milestone | Qualifying rate / floor | Basis | Note |
|---|---|---|---|
| Oct 2016 | 4.64% | BoC posted 5-year benchmark rate | Stress test introduced for insured mortgages |
| Jan 2018 | 4.99% | BoC posted 5-year benchmark rate | B-20 extends the test to uninsured mortgages (20%+ down) |
| May 2021 | 4.79% | BoC posted 5-year benchmark rate | Last month under the floating-rate floor |
| Jun 1, 2021 | 5.25% | Fixed floor set by OSFI | New rule: greater of contract rate + 2% or 5.25% |
| 2026 | 5.25% | Fixed floor (OSFI), reviewed annually | Unchanged at OSFI's latest confirmed review |
Sources: OSFI (current MQR page and 2021 Minimum Qualifying Rate letter); Bank of Canada posted 5-year conventional mortgage rate (Valet series V80691335) for the pre-2021 floor values.
The stress-test buffer added to a borrower's contract rate
OSFI
The stress-test floor, unchanged since June 2021
OSFI
Posted 5-year conventional mortgage rate, July 2026 — well above the floor
Bank of Canada
OSFI removed the stress test for straight uninsured-mortgage switches between lenders
OSFI
Because most contract rates in 2026 sit well above 5.25% once the 2% buffer is added, the floor itself rarely binds — the real qualifying number for most clients is contract rate plus 2%. Brokers still need to run both numbers on every file, and to know that switches between federally regulated lenders have been exempt from the test since November 2024.
Last updated August 1, 2026. Each figure carries its source; projections are labelled. Page reviewed on every major source release. Information only — not advice.
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