Mortgages with variable rates or fixed terms under five years typically require that you qualify at a higher rate (called the “qualifying rate.”).
For example, if you apply for a 2.25%, 5-year variable mortgage, the lender might make you qualify at their posted 5-year rate (5.54% for example).
Qualifying rates are used to ensure borrowers can handle their payments if rates g ...
Today the Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent.
The global economic recovery is proceeding broadly in line with the Bank’s expectation, although risks remain elevated. U.S. activity is solidifying and remains supported by stimulative fiscal and monetary policies. The pace of the European economic recovery is buoyed down by the s ...
Canada’s annual inflation rate slipped to a relatively tame 2.3 percent in January, bucking a tre
nd which has seen several major nations struggle to keep rising prices under control. The increase, which matched market expectations, compares with the 2.4 percent recorded in December. It also means the Bank of Canada will be under no immediate pressure to raise interest rates on March 1, 2011. ...
With interest rates still at historic lows, the housing market looks affordable for many families across Canada and yet far from reach for many others. Can you guess who?
As the old saying goes "the rich get richer and the poor get poorer" and here in Canada, it's the truth! It’s note surprising to learn that according to CMHC “a typical homeowner went from being 18 times wealthier than a t ...