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Yesterday Canada’s major banks dropped their 5 year fixed rates. This is great news for anyone who needs a mortgage. Why? The 5 year rates affect the qualifying rate for mortgages, and the drop in rates mean the qualifying rate will effectively be lowered. The qualifying rate, also known as the “stress test rate” is used by lenders to determine how much a borrower can qualify to borrow.
If you have a pre-approval in place and are currently shopping for a home, it would be advisable to have us take another look and see if this change will affect your buying power. When you’re dealing with the higher price points we typically see in Victoria and on Vancouver Island, a small drop in the qualifying rate can still have a positive affect on buyers.
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