‘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 down payment.

Some lenders are allowing you to deref your mortgage payment for upto six months.

Some lenders have reduced their prime rate from 3.45% to 2.95%

For example if your variable rate mortgage was at prime minus 0.80% then the rate lowers from 2.65% to 2.15%