New Mortgage Stress Test @ 4.79%

Stress Test Update. Effective August 2020, the benchmark rate or the stress test rate has been dropped to 4.79%. In May of this year, the benchmark rate used to qualify mortgage was 4.94%. Prior to the decrease in May, the Stress Test rate was 5.04% The drop in the...

Why are Mortgage Rates Rising?

Why are mortgage interest rates rising when the Bank of Canada continues to drop the Prime Lending Rate?   In January 2020 the Bank of Canada prime rate was 3.95%, since then we have seen multiple drops and the prime lending rate is now 2.45%. Normally, we would...