Bank of Canada Qualifying Rate Increasing to 5.24%
The Bank of Canada Qualifying Rate will increase to 5.24% Monday February 20th, 2012.
In accordance with the new CMHC mortgage changes, at 12:01 AM EST Monday, the benchmark qualifying rate for insured high-ratio mortgages will be 5.24%.
Clients will now have to qualify based on the 5.24% interest rate if they want to choose a variable or a 1- to 4-year fixed term if you’re putting down less than 20%.
CMHC defines the benchmark rate as the Chartered Bank — Conventional Mortgage 5-year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01 AM (Eastern Time) each Monday.
If you have any questions, please feel free to contact Scott Dawson by any of the methods below:
Phone: (778) 668-9320
Toll Free: 1 (888) 759-0190
Email: scott.dawson@verico.ca
Twitter: @sdd
Scott Dawson
Mortgage Specialist
Phone: 778.668.9320
Toll Free: 888.759.0190
