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23 Mar

Mortgage Qualifying Rate Change

General

Posted by: Croydon DeMello

‘Effective March 23, 2020, the Bank of Canada 5-year Benchmark Qualifying Rate is reduced from 5.19% to 5.04%.’

What does that mean?

If you were purchasing a home for $700,000 using a $175,000 down payment and the annual household income was $126,000, you can now purchase a home for $708,690 using the same amount of down payment.