The Bank of Canada this week cut its policy interest rate by a quarter percentage point to 2.75 per cent, marking the seventh consecutive cut since last summer.
While the move is good news for individuals looking to renew a mortgage – or paying off a variable rate one – it’s unlikely to encourage new buyers to enter the market. As Rachel Younglai reported this week, the cost of a mortgage is still significantly higher than it was five years ago.
“There is a lot of uncertainty. That has prompted households to take a wait-and-see approach,” Samantha Villiard, a regional vice-president with Re/Max Canada real estate brokerage, told The Globe and Mail.
Mortgage rates sourced by Ratehub.ca. For a comprehensive list of today’s mortgage rates for each term/type, visit: https://www.ratehub.ca/best-mortgage-rates
Ratehub.ca is a mortgage rate comparison marketplace and mortgage brokerage. They help millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.
Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on March 13.