Lenders normally have until Monday, following announcements made by the Bank of Canada on a Wednesday, in order to implement the changes. The announcement for an increased Bank of Canada Qualifying rate was made yesterday – an increase from 5.14% to 5.34%.

This applies to all borrowers that have less than a 20% down payment for their home purchase…

Call us at 613-546-2989 should you have any questions at all!!!!

https://www.thestar.com/business/2018/05/09/bank-of-canada-raises-mortgage-qualifying-rate-following-increase-in-big-six-banks-fixed-rates.html