Mortgage rates near all-time low in Canada
VANCOUVER — Now may be a good time to refinance your home or apply for a new mortgage. Mortgage rates are approaching all-time lows. It took a while but lenders are adjusting to the new normal during the pandemic.
“They dropped, they went up and now they are trending down again,” said James Laird, co-founder of RateHub.ca.
In March, we all watched as the Bank of Canada dropped the key lending rate three times to help boost the economy, yet variable mortgage rates, which are tied to the key rate, didn’t follow.