‘Effective immediately, MCAP will qualify Insurable Switches/Transfers originally closed prior to November 30, 2016 as follows: -Using the Contract Rate for 5 year Fixed term mortgages -Using the greater of Contract Rate or Benchmark for Variable mortgages or Fixed mortgages with a term of less than 5 years’ *** This means if you originally closed […]

Sales 4,606 Average Price $863,599 New Listings 9,104

‘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%