Mortgage Qualifying Rate Increases to 5.34%

On May 9, 2018, the Bank of Canada raised the qualifying mortgage rate used for mortgage stress testing from 5.14% to 5.34%. This is not the rate you will pay, rather this is the rate we are required to use to qualify you for a mortgage. This rate is determined by the...

47% of Canadian Mortgages Renew in 2018

2018 is the year of mortgage renewals in Alberta! This has been Mortgages for Less’ busiest year with mortgage renewals. A CIBC Capital Markets report says that an estimated 47 per cent of all existing mortgages will need to be renewed this year. A normal year sees 25...