5 Year Fixed 2.79%

5 Year Variable 2.85%

Current Mortgage News

Bank of Canada Governor Stephen Poloz kept the benchmark rate stable at 1.75% in the most recent announcement made this morning marking a fourth straight hold by the bank.

Following a sharp decline in February, Canadian home sales edged up 0.9% month-over-month in March according the monthly report from The Canadian Real Estate Association (CREA).

Despite stress tests and house prices, most Canadians still aim to own rather than rent.

According the Ottawa Real Estate Board (OREB), spring sales have seen a decrease year over year while prices are on the rise.

The Federal Government has announced the new budget which contains measures to address affordable housing across Canada. The finance department anticipates legislation for the new program will pass in time for a September launch.

Announced this morning, the Bank of Canada has opted to maintain the overnight interest rate at 1.75%.

Canadian home ownership rates have continued to be among the highest in the world, despite affordability and stress test concerns.

Representatives from the real estate, mortgage, and home builder industries have recently met separately with government representatives and politicians to discuss the impacts the mortgage lending guidelines are having on buyers.

A total of 820 residential properties were sold in January according to the Ottawa Real Estate Board (OREB).

Mortgage Professionals Canada (MPC) released their State of the Mortgage Market Report. Although the report itself did address the stress test and subsequent implications, it also shed light on the current Canadian mortgage market moving into 2019.

Recent housing data for 2018 showed indications that the stress test and other federal measures have impacted the ability for some millennials to get into the housing market.

Home sales fell 2.5% across Canada from November to December.