- By Mike Heddle
- Posted Monday, Jul 22, 2019 3:06 pm
Bank of Canada lowers qualifying rate used in mortgage stress tests...
The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years.
The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to 4.64 per cent, and increased steadily since... [READ MORE]
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