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CURRENT RATES

2 YEAR 2.24%

3 YEAR 2.19%*

4 YEAR 2.24%

5 YEAR 2.14%*

5 YEAR Variable 1.95%*

Updated July 15th, 2020
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

Oriana News

How to get around Canada's harsh new mortgage rules

Financial Post ~ June 16th, 2020Come July 1, 2020, it will be a lot harder to get the feds to back your mortgage.The tighter lending rules coming into force July 1 will make it harder for some Canadians to buy homes, but mortgage pros say panicking won’t do you any good.The Canadian Mortgage and Housing Corporation (CMHC) announced plans in early June to reduce borrowing limits, demand higher credit scores and restrict down payments for anyone who nee...[Read More]

Genworth says it has no plans to follow CMHC's mortgage tightening move

BNN Bloomberg ~ June 8th, 2020Canadian private mortgage insurer Genworth MI Canada Inc. said Monday the company has no plans to tighten qualification rules for its borrowers, bucking a decision made last week by Canada Mortgage and Housing Corporation (CMHC). Genworth said in a statement the company doesn't plan to change any debt service ratio limits, minimum credit. score and down payment requirements for homeowners looking to insure a mortgage with the firm. ...[Read More]

CMHC draws fire for tightening mortgage rules

BNN Bloomberg ~ juny 4th, 2020Canada’s housing agency announced it will tighten mortgage qualification rules for high-risk borrowers, a controversial move that could curb credit in an economy trying to emerge from its deepest contraction of the postwar era.The state-owned Canada Mortgage & Housing Corp., which offers default insurance to home buyers with low down payments, said it will narrow eligibility criteria as of July 1. Buyers will need higher credit s...[Read More]

Bank of Canada to drop qualifying rate

Mortgage Broker News ~ May 22, 2020The Bank of Canada is set to reduce its qualifying rate ten basis points, from 5.04 to 4.94 percent, sources tell Mortgage Broker News. After the decrease, which is expected to be announced by Monday, the five-year fixed mortgage rate will have inched another step closer to a level not seen since 2016, when it was reduced to 4.64 percent.It's a small change to be sure, but in the current environment, says BMO chief economist Doug Port...[Read More]