Rates

Our Lenders

                                                                                MORTGAGE RATES: October 7, 2019

Current Variable Mortgage Rate is 2.90%
Current Prime Rate is 3.95%  



TERMS BANK RATE*OUR RATE*
Variable Rate Closed3.95%2.90%
1 Year Closed3.59%3.19%
2 Year Closed3.69%3.19%
3 Year Closed3.79%2.84%
4 Year Closed3.84%3.14%
5 Year Closed5.19%2.64% **
5 Year Closed5.19%2.74% ***

* Rates may vary provincially and are subject to change without notice OAC – Qualifying Benchmark Rate 5.19% **Insured / ***Conventional

New Rules for January 2018

Home buyers with a down payment of 20% or more will now be subject to stricter qualifying criteria (also known as a “stress test”) that would determine whether a homebuyer would be able to afford their principal and interest payments should interest rates increase. This stress test would use either the 5-year benchmark rate published by the Bank of Canada or the customer’s mortgage interest rate plus 2%, whichever is the higher.

 

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