Today's Best Mortgage Rates

***** Mortgage Rates Last Changed - January 25 2024 *****

Today's Prime Lending Rate	7.20%	Next Bank of Canada Meeting - March 6, 2024
Variable Rates: *
Home Equity Line of Credit	P + .25%	No Change
5 Year Closed - 25 year amortization Purchases	P - .90% (6.05% today)	No Change
5 Year Closed - 30 year amortization Refinances	P - .25% (6.70% today)	No Change
Residential Owner Occupied Fixed Mortgage Rates: **
1 Year Closed	7.08%	.19% Increase
2 Year Closed	6.37%	.34% Increase
3 Year Closed	5.91%	.34% Decrease
4 Year Closed	5.72%	.39% Decrease
5 Year Closed - Refinances	5.59%	.32% Decrease
5 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	5.09%	.13% Decrease
7 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	6.39%	No Change
10 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	6.44%	No Change



Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher)

*Interest rate is compounded monthly, not in advance. Variable rate mortgages offers you a low variable interest rate based on the prime rate over a 5-year fixed term. The prime lending rate represents a variable rate of interest announced by the lender from time to time as its Prime Lending Rate. Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees, such as legals costs and/or appraisal costs, which would increase your APR. Rates subject to change without notice.

Bank of Canada January 24 2024 Meeting News
The Bank of Canada left the benchmark rate this time around at its highest level since December 2000 after 11 consecutive rate increases. Canada's inflation numbers softened from a high of 5.9% to start last year, to 2.80% in June and increased slightly to 3.40 in December 2023, not that far from the Bank of Canada target rate of 2%. The federal government's inattention to a budget combined with an over stimulus of the economy and the carbon tax/hikes is all bad news for all borrowers, particularily for first time home buyers. With interest rates cresting 6%, the federal government's stress test means borrowers must qualify for traditional mortgages at 8%. The result of this increase will further reduce what Canadians qualify for both in trying to purchase a home and to refinance their existing home, and further dampens investments in Canada.

In essence, all home buyers, regardless of down payment, and all existing home owners looking to refinance their homes, regardless of equity, must qualify at the federal government's mandated rate of 2% above the offered contract rate.

The Bank of Canada Qualifying Rate is used to qualify high-ratio insured mortgages, variable rate mortgages, and fixed rate for all federally regulated
lenders.

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