Stress Test Changes Make Mortgage Qualifications Easier
We’ve been hearing a lot of news lately that have made it a bit easier for Canadians to qualify for a mortgage, just in time for the spring market.
Summer Mortgage news
We’re halfway through the summer months and mortgages may not be on the top of your mind these days, but there has been some Summer Mortgage News. Bank of Canada governor, Stephen Poloz, recently announced an increase in the bank’s benchmark interest rate from 1.25%...
Bank of Canada overnight rate now at 1.5%
As we predicted in June, the Bank of Canada announced last week that they’re raising their overnight rate to 1.50%, up 1/4 of a percentage point from the previous 1.25% and the highest it’s been in almost a decade. The Bank predicts that the global economy will grow...
Pros & Cons of Variable Rate Mortgages
A variable-rate mortgage is pretty much what it sounds like: a mortgage with a interest rate that varies. Whereas a fixed rate stays constant throughout the term of your mortgage, a variable rate (and your monthly payment) changes throughout the term. A variable rate...
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