On that point, if “Joe” has an uninsured mortgage with bank X, and he wouldn't pass the stress test, he can get a mortgage at a higher rate with bank X again, which is not going to be better from the point of view of making his mortgage payments. Why would we require him, with an uninsured mortgage, to have to do the stress test to get a lower rate, which would make it more likely that he wouldn't lose his mortgage? I don't understand why we would make it harder for someone to get a lower rate while allowing them to renew at a higher rate with the same institution. There's a circle that doesn't square there for me. Perhaps you could shed some light on that.
On December 7th, 2023. See this statement in context.