The Bank of Canada Qualifying Rate has decreased to 5.34% which is effective today.
In accordance with the new CMHC mortgage changes, at 12:01 AM EST today, the benchmark qualifying rate for insured high-ratio mortgages is 5.34%.
Clients will now have to qualify based on the 5.34% 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