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

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.

Sales 11,081
Average Price $943,710
New Listings 17,956

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.

Sales 8,701
Average Price $930,869
New Listings 16,153

‘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’

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;