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BoC Qualifying Rate is going up

The Bank of Canada has raised their qualifying rate to 5.54% effective today. This will make things a little harder for people to get into an insured 1-4 year fixed mortgage or a variable mortgage product. Anyone who is on a 5 year fixed mortgage qualifies on the actual 5 year rate given by their lender but when taking an insured (less than 20% down) 1-4 year fixed or variable mortgage, you need to qualify at that BoC qualifying rate.

If you have any more questions about this or you would like clarification on how this could affect you please call me at (604) 889-0050

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