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June 9, 2021- Once again, The Bank of Canada has held its target for the overnight rate at ¼ percent.

Great news for those with a variable rate mortgage and those with line of credit! Rates are still at historic lows! As always, if you or someone you know has questions, feel free to contact me at anytime

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Today, Canada's banking regulator proposed raising the mortgage stress test benchmark for uninsured mortgages to 5.25% (or two percentage points above the mortgage contract rate, whichever is higher).

This change, proposed by the Office of the Superintendent of Financial Institutions (OSFI), only impacts homebuyers with a minimum 20% down payment, and would reduce their purchasing power by about 4-5%. 


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