The best time to shop around for a mortgage is at the end of the quarter, better still at the end of a lenders financial year. Some mortgage lenders especially the smaller one offer lower mortgage rates to mortgage brokers. They have ongoing incentives and sales quotas to meet Since January 2018 when the government introduced the stress test, which means that to qualify for a mortgage you had to qualify for a mortgage at your mortgage contract rate plus 2% or the Bank of Canada 5 year posted rate which is 5.34%. The banks reducing their rate in an attempt to qualify more borrowers.

Real Estate Drove A Fifth Of The Canadian Economy In 2017

  In December of 2018 Statistics Canada reported that 76% of Canada’s national wealth is wrapped up in real estate, that is a lot or mortgage and a lot of interest income from the Bank.

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