Lowest Mortgage Rate Since 2017 at 2.64%

The Canadian mortgage market is heating up.

Ratehub recently reported the lowest mortgage rate in the last two years at a rate of 2.64%. This rate comes at a 5-year fixed mortgage. This is excellent news for home buyers. The rates earlier this year in 2019 were 3.3 to 3.4%. This decrease over time will surely inject a healthy amount of growth to the market.

The impact to the impending stress tests that home buyers face also becomes slightly easier. The stress test created a barrier of almost 20% for people who could no longer afford to purchase a home. With that, people have decided to rent instead or lower their expections/needs when it came to home buying.

We had a slow start this year in January and February. Things picked up in the Spring, as usual. June is when several markets slowed down.