The Bank of Canada recently held its policy rate at 2.25%, marking its seventh consecutive hold. The next rate announcement is scheduled for October 28.
For now, variable mortgage rates remain relatively attractive. Depending on the borrower, down payment, amortization, and mortgage product, variable rates are currently in the range of approximately 3.50% to 3.75%.
Fixed rates are a different story.
Three-year fixed mortgage rates are currently around 4.19%, while five-year fixed rates are roughly 4.29%...
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