Posts tagged First-Time Home Buyers
Bank of Canada lowers rate to 5.19% used in mortgage stress test, making it easier to qualify!

The Bank of Canada has lowered the rate used by mortgage stress tests which is used to determine whether would-be homeowners can qualify. This marks the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. This is the first decrease in the five – year fixed mortgage rates since September 2016 when it dropped to 4.64% from 4.74% and increased steadily since.

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