Bank of Canada Announcement

The Bank of Canada announced a decrease in the benchmark interest rate used to qualify homebuyers for high ratio mortgages. The rate drops to 4.79% down from 4.95%.

This is not the interest rate you pay on your mortgage, but it is the interest rate that determines the affordability of your payment.

This means that someone trying to qualify for the maximum mortgage their income provides will be able to borrow a little bit more and buy a slightly more expensive home.