Even high-risk borrowers can count on getting attractive mortgage rates.
Although housing prices in Canada are still quite high, Canadian homebuyers are offered some of the lowest mortgage rates in recent years.
According to the comparison site Ratehub.ca, interest rates for a standard five-year fixed-rate mortgage have fallen to their lowest level in two years.
According to experts, borrowers across the country can find mortgage options with rates well below 5%. This is partly due to seasonal reasons, since the spring months are usually best for home buying, as families try to move and settle in a new place before summer holidays and the beginning of a new school year.
Currently, five-year fixed rates remain at 2.64% for some buyers, and even higher-risk borrowers can easily find a loan costing 2.89% per annum. This is the lowest range since the summer of 2017.