Today's Best Mortgage Rates

***** Mortgage Rates Last Changed - September 12, 2023 *****

Today's Prime Lending Rate 7.20% Next Bank of Canada Meeting - October 23 2023

Variable Rates: *
Home Equity Line of Credit P + .25% No Change
5 Year Closed - 25 year amortization Purchases Only P - 1.00% (6.20% today) No Change
5 Year Closed - 30 year amortization Refinances P - .30% (6.90% today) No Change

Residential Owner Occupied Fixed Mortgage Rates From: **
1 Year Closed 6.54% .75% Increase
2 Year Closed 6.24% .50% Increase
3 Year Closed 6.64% 1.15% Increase
4 Year Closed 5.64% .25% Increase
5 Year Closed - Refinances 6.19% .25% Increase
5 Year Closed - CMHC/Sagan insured purchases and transfers 5.39% .25% Decrease
7 Year Closed -  CMHC insured for purchases and transfers 6.39% .40% Increase
10 Year Closed - CMHC insured for purchases and transfers 6.45% .45% Increase
Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher)    
*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 September 4, 2023 Meeting News

The Bank of Canada left the benchmark rate this time around at its highest level since May 2001 after 10 consecutive rate increases.  Canada's inflation numbers softened from a high of 7% earlier this year, to 2.80% in June and 3.30% in July, not that far from the Bank of Canada target rate of 2%.  The federal government's inattention to a budget, combined with an over stimulus of the economy and carbon price hikes is all bad news for all borrowers, particularily for first time home buyers.  With interest rates cresting 6%, the federal government's stress test means borrowers must qualify for traditional mortgages at 8%.  The result of this increase will further reduce what Canadians qualify for both in trying to purchase a home and to refinance their existing home, and further dampens investments in Canada. 

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 federal government's mandated rate of 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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