BANK OF CANADA HOLDS RATE
(October 27, 2017
)
Good Afternoon,
The Bank of Canada met yesterday and decided not to increase the overnight rate - which influences our Prime rate. So Prime is still at 3.2% currently. The link below is an article on the decision.
Maybe the government feels that it has done enough for now to cool off the over-heated Vancouver and Toronto markets, with 2 recent rate hikes and aggressive "stress testing" to be introduced in January 2018.
In general, the new stress test (which will affect everyone with a mortgage) will reduce your qualification amount by approx 20%. so if you are thinking about re-financing or purchasing, know your limit now rather than in January!
Please let me know if you have any questions at all!
Have a good day,
Jennie
Jennie Shandley
Mortgage Specialist – Dreyer Group Mortgages Inc.
Member of the VERICO Brokers Network
Cell: 604-836-3317 Fax: 604-608-9307
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