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

Take Advantage of Your Mortgage Renewal

Right now there are a lot of mortgages coming up for renewal from 5 years ago. These mortgages are coming up with past mortgages of rates over 5% and with 35 and sometimes even 40 year amortizations. Mortgage rates have never been as low as they are right now. Sure we have said that time … Continue reading Take Advantage of Your Mortgage Renewal