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6 Little Known Facts That Can Help You Buy Your First Home | Blog

Tuesday, May 4, 2021   /   by Earl Gaddi

Update on Canada’s 2021 Mortgage Rates

The Bank of Canada has kept its overnight lending rate target at its effective lower bound of 0.25 percent for more than a year to support the country's economic recovery during the COVID-19 pandemic.
Now, as the country enters its second year of the pandemic, the Bank appears unlikely to change its tune anytime soon.
The Bank announced on March 10 that it would keep the overnight rate at 0.25 percent, possibly until 2023, during a regularly scheduled announcement. Furthermore, since August 2020, the conventional five-year mortgage rate has remained unchanged at 4.79 percent.
James Laird, co-founder of Ratehub.ca and President of CanWise Financial, explains the latest news on the Canadian mortgage market and how it may affect consumers in 2021.
What the latest Bank of Canada rate announcement means

In the mortgage industry, the Bank's decision to keep the overnight rate at 0.25 percent was not unexpected, according to Laird. What's more important, he says, is the Fed's reaffirma ...

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