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
This is some new information that came in over the weekend on the changes to qualifying that they are implementing on April 19th. Starting on April 19th, to qualify for a Variable rate or a term LESS than 5 years you must qualify using the greater of the 5 year posted rate or the contract … Continue reading Posted Rates are the New Qualifying Rate!