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BANK OF CANADA RATE UPDATE
Canada's central bank has decided to keep its benchmark rate at 1.75%, despite "escalating trade conflicts" that are starting to take a toll on the country's economy. Relatively low mortgage rates are expected to remain for the foreseeable future.
For most buyers, the CMHC program helps with cash flow and getting approved for a higher amount, but may not help you save much.
Based on current mortgage rate of 2.59%, with a 5% boost from the CMHC program on a resale home, in 5 years the buyer may end up saving $1,056.
Planulife uses artificial intelligence to provide families with their FREE Real Estate Financial Plan. Find out the value of their current home, recommended properties in their top cities, mortgage pre-approval and monthly household budget .