Date Posted: March 10, 2020
With the recent announcement by the Bank of Canada to cut their key overnight lending rate to 1.25% the typically busy spring home buying season could see a marked ramp up thanks to falling interest rate.
Both fixed and variable mortgage rates have been impacted by the recent announcement by the Bank of Canada. Canada’s Big Five banks all announced Wednesday they were cutting their prime rates by 50 basis points, to 3.45% from 3.95%. As a result we can expect to see increased activity in the historically busy spring home buying season.
Also adding fuel to the spring home buying market is the fact that Ottawa is preparing to tweak the stress test for both insurance and uninsured mortgages starting wtih insured mortgage April 6th, 2020.