by Katy Livingstone | Aug 25, 2020 | Uncategorized |
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...
by Katy Livingstone | May 22, 2020 | Bank of Canada, Blog, Bristish Columbia, City of Prince George, Economy, Finance, Interest Rate, Mortgage, Mortgage Broker, Payments |
This week the Minister of Finance has announced that the Mortgage Stress Test rate will be decreasing. Effective May 25, 2020, the new benchmark rate used to qualify insured mortgage will be 4.94%. Previously, the Stress Test rate was 5.04% What does that mean for...
by Katy Livingstone | Apr 9, 2020 | Uncategorized |
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 see...
