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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

3 January 2020

Mortgage rates are expected to remain low in 2020

Certain real estate experts expect low mortgage rates and a less difficult qualification this year.

The main driver for this scenario comes from renewed calls to review the B-20 mortgage stress test, given the policy’s moderating influence during the previous two years.

“In December, Prime Minister Justin Trudeau noted in a letter to Federal Finance Minister Bill Morneau that a second look at the controversial test’s requirements is necessary with possible changes to make it more flexible,” – says housing agency Zoocasa.

Although the details are unknown so far, “it may include reducing the qualifying rate from today’s 5.19%, or making it more dynamic based on borrowers’ profiles,” - Zoocasa explained.

“In addition to it, they may cancel the current requirement for borrowers to undergo the stress test again when changing lenders. This measure received strong criticism from the mortgage industry for affecting consumer empowerment and competitiveness.”

It could continue a trend of Canadians paying for lower rates, which was noticed in 2019.

During the period from October and November, the effective interest rate rose by 0.27% to 3.70%.

“Now the rate is lower than in 2018, but the longer-term changes move in the growth direction”, - real estate information portal Better Dwelling says, pointing that any recent decreases were more than offset by increases during the previous years.

“In 2018, interest rates during the same week rose by 14.53% annually, following a 14.29% gain a year before that. All in all, the rates rose by 9.79% over the past 5 years,” – the report says. “The last time we’ve seen such high rates before 2018 was in 2011”.



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