Bank of Canada Raises its Benchmark Rate

Last week the major banks all raised their posted rates which initiated an increase by the Bank of Canada on its Benchmark Rate. Effective today, the Bank of Canada has increased its Benchmark Rate from 5.14% to 5.34%. This rate is used as a 'Stress Test' on your mortgage application, it will not have any … Continue reading Bank of Canada Raises its Benchmark Rate

New mortgage rules coming effective Oct 17, 2016

The Department of Finance just hit us with a mortgage rule change this morning. http://www.fin.gc.ca/n16/data/16-117_1-eng.asp Effective October 17, 2016 insured mortgages will now have to qualify using the benchmark interest rates. Currently only mortgages in a variable or for a term less than 5 years need to be qualified using the benchmark rate. So effective … Continue reading New mortgage rules coming effective Oct 17, 2016

Rates on the Rise!

TD has announced that they will be raising their rates as of Midnight tonight. Rates will be increasing 0.35%. That will make their current 5 year rate 4.44%. Also increasing the posted rate from 5.34% to 5.69%. The 5.69% will be the new 0 down/Cash back amount. The rest of the banks will likely follow … Continue reading Rates on the Rise!