July 29 2021
During the month of July, the Bank of Canada decided to hold its key policy rate at 0.25% once again. This decision continues to increase home affordability for first-time buyers and makes entering the market more accessible. Check out the articles below for the latest in mortgage news over this past month.
As Canada continues to see progress in vaccinations and the global economy proves to be on a positive path to recovery, the Bank of Canada has still decided to keep its key policy rate at 0.25%. The bank will continue to keep interest rates at this level until the economy can withstand future increases, which they don’t expect to happen until the second half of 2022.
The Canada Mortgage and Housing Corporation (CMHC) has decided to lower the required credit rating and ease other measures to ensure homeowners have enough income to pay off their mortgages. This decision was made based on the realization that the underwriting changes they made in July 2020 were not as effective as they anticipated.
Our Co-Founder & CEO Jesse Abrams discusses how shopping for a mortgage and exploring different options and features can save home buyers thousands of dollars in the long run.
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