‘Genworth Canada confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements.’ – Genworth Canada This means you can have a bit more purchasing power with Genworth Canada compared to CMHC.

Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; Establish minimum credit score of 680 for at least one borrower; and Non-traditional sources of down payment that increase indebtedness will no longer be […]

‘The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.’ – Bank Of Canada

Effective Monday May 25, 2020, the Bank of Canada 5-year Benchmark Qualifying Rate is 4.94%  

Sales 2,975 Average Price $821,392 New Listings 6,174

Sales 8,012 Average Price $902,680 New Listings 14,424

‘The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent’ – Bank Of Canada

Some lender prime rates are at 2.45%

‘The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.’ – Bank Of Canada

‘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 […]