‘Effective November 21st, 2024, borrowers are no longer required to undergo a stress test (higher of benchmark rate 5.25% or contracted rate + 2%) when switching an uninsured conventional mortgage from a federally regulated financial institution (FRFI) to another financial institution at renewal, if maintaining the same amortization schedule and same loan amount with up to $3,000 maximum associated transaction fees.’

‘The Bank of Canada on October 23, 2024 reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. – Bank Of Canada