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Bank of Canada Qualifying Rate 4.84%

By Cindy Janisch

If you have recently been pre approved for a mortgage you should re visit the approval process. The bank of Canada has increased the benchmark qualifying rate to 4.84%.  What does this mean?  If you have a mortgage that is considered High Ratio and is insured with CMHC, then you must now qualify using the 4.84% which increased from 4.64%.

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