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Bank of Canada Qualifying Rate Change
October 2, 2017 | Posted by: Craig Nickerson
Effective the week of October 2, 2017, the Bank of Canada qualiying rate has increased by 5bps to 4.89%.
The 5-year benchmark qualifying rate published by the BoC was put into legislation mainly to ease affordability concerns and to mitigate “payment shock” that are more likely to impact lower term and variable rate customers. In other words, regardless of the actual rate you will be receiving on your mortgage, you have to qualify as if you were paying 4.89%
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