Bank of Canada increases benchmark qualifying rate to 4.84%
The Bank of Canada has increased the benchmark qualifying rate 0.20% to 4.84%. All insured or insurable mortgages use the benchmark rate to qualify borrowers. The benchmark rate is used to ensure borrowers can handle their payments in the event of a rate increase. Payments are typically based on the contract rate (i.e., the regular rate you are quoted), not the benchmark rate.
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