→ EFFECTIVE March 23, 2020 ←
The Bank of Canada will be reducing the qualifying rate by 0.15%, from 5.19% down to 5.04%.
Resulting in a 3% increase in qualifying ability, also equivalent to $15,000 more house for every $500,000
This change will not only make it easier for first time home buyers to get into the housing market but also allows access to more equity for home renovations, debt consolidation, etc.
- Access to more equity
- Buy more home
