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Several Canadian banks and financial institutions have dropped their prime lending rate by 50 basis points for the second time in two weeks amid the spread of the coronavirus this time to 2.95 per cent.

OSFI is also halting discussions on easing of the mortgage stress test rules -- part of the regulator’s move to suspend consultations on all new or revised guidance on rules due to the current developments and strain on operations of financial firms, according to Rudin. Canadian banks will continue to use the benchmark rate as currently published by the Bank of Canada, in gauging a borrower’s ability to take on a mortgage

The Bank of Canada has made an emergency rate cut, cutting the central bank's benchmark interest rate by 50 basis points to 0.75 per cent.

Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Pls call Bindu Nisseth, Mortgage Agent for all your Mortgage requirements @ 647 338 1331.

That’s right, the average Mississauga home price rose more than $100k in just one month.