Today's Best Mortgage Rates

***** Mortgage Rates Last Changed - September 1st, 2022 *****

Today's Prime Lending Rate 4.70% Next Bank of Canada Meeting - September, 8th 2022

Variable Rates: *
Home Equity Line of Credit P + .25% No Change
5 Year Closed - 25 year amortization Purchases Only P - 1.00% (3.70% today) 1.00% Increase
5 Year Closed - 30 year amortization Refinances P - .50% (4.20% today) .50% Increase

Residential Owner Occupied Fixed Mortgage Rates From: **
1 Year Closed 5.19% 1.11% Increase
2 Year Closed 4.94% 1.06% Increase
3 Year Closed 5.04% 1.20% Increase
4 Year Closed 5.04% 1.05% Increase
5 Year Closed - Refinances 5.29% 1.15% Increase
5 Year Closed - CMHC/Sagan insured purchases and transfers 4.59% .95% Increase
7 Year Closed -  CMHC insured for purchases and transfers 5.74% 1.05% Increase
10 Year Closed - CMHC insured for purchases and transfers 5.90% 1.05% Increase
Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher)    
 - Insured purchases 4.59% No Change
 - Purchases with greater than 35% down payment 4.59% No Change
  - All refinances for existing home owners 5.29% No Change
*Interest rate is compounded monthly, not in advance. Variable rate mortgages offers you a low variable interest rate based on the prime rate over a 5-year fixed term. The prime lending rate represents a variable rate of interest announced by the lender from time to time as its Prime Lending Rate. Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees, such as legals costs and/or appraisal costs, which would increase your APR. Rates subject to change without notice.

Bank of Canada July 13 2022 Meeting News

The Bank of Canada increased its target for the bank rate for the overnight rate by 1%.  As Canada's 8.00% inflation numbers blow past the BOC's 2% target rate, it appears that further rate increases are on the horizon.  The federal government's inattention to a budget, along with an over stimulus of the economy and carbon pricing hikes is all bad news for all borrowers and first time home buyers in particular.  With interest rates cresting 5%, though the federal government's stress test is 5.25% all borrowers across Canada must qualify at the higher of the stress test or 2% above the contract rate - which is over 7% in this example.  This will further significantly reduce what Canadians qualify for both in trying to purchase a home and to refinance their existing home. 

In essence, all home buyers, regardless of down payment, and all existing home owners looking to refinance their homes, regardless of equity, must qualify at the greater of the federal government's mandated rate of 5.25% or 2% above the offered contract rate.

The Bank of Canada Qualifying Rate is used to qualify high-ratio insured mortgages, variable rate mortgages, and fixed rate for all federally regulated lenders.
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