Also, many other factors can affect the rates offered to each client. Each loan application is assessed on a case to case basis. Every loan has to meet certain criteria set by the lender specifically for that loan and client. These factors include the type of property (owner occupied or rental), LTV (Loan to Value) ratio, and credit scores of the client. Lenders may have additional specific requirement In addition to the above mentioned factors. 

On January 1, 2018, a new stress test was introduced for mortgages. Now all mortgages must qualify based on a Contract rate plus 2.0%. The Bank of Canada’s 5 year benchmark rate is 5.25%.

Today’s Prime rate is 5.95%. 

Please call me to check exactly what you may qualify, to ensure that it will match your unique needs.