Finally, we have a long-overdue break for people that are in a position to renew their already existing mortgage or people that wish to secure their first mortgage loan. The Bank of Canada has dropped their mortgage qualifying rate from 5.34% down to 5.19%.
For homeowners and home buyers, this is fantastic news. Though it may seem like a difference of only a few tenths of a percent, the decrease provides prospective buyers a well-deserved leg up financially. Before outlining the immediate benefits to the lower percentage rate, let’s quickly explain how the Bank of Canada’s stress test works. Read More!
For homeowners and home buyers, this is fantastic news. Though it may seem like a difference of only a few tenths of a percent, the decrease provides prospective buyers a well-deserved leg up financially. Before outlining the immediate benefits to the lower percentage rate, let’s quickly explain how the Bank of Canada’s stress test works. Read More!