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Variable-rate mortgages growing in popularity despite BoC rate hikes

Location
Vancouver, Toronto, Calgary
Publish Date
2022/09/13

Experts say the mortgage stress test is a possible reason for the increased interest in variable mortgages since the qualifying rate is lower. The test requires a homebuyer to show they can afford payments at a rate two percentage points higher than the negotiated interest rate. Or can manage the BoC’s current qualifying rate, whichever is higher.

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Canada, Ottawa, Vancouver Island, Edmonton, Kelowna, Quebec