Has the mortgage stress test served its purpose?

The mortgage stress test, requiring borrowers to qualify at a rate of 5.25% or their approved rate plus 2%, has been credited with preparing homeowners for higher borrowing costs during renewals. While new homebuyers face stress tests above 7.25%, existing homeowners may not be stress tested upon renewal but must consider their options carefully due to high rates. The Competition Bureau has suggested scrapping the stress test for renewals, citing competition issues, but regulatory changes seem unlikely.