Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Meridian is making news as of late, as it recently posted the lowest two-year fixed-interest rate in recent Canadian history, compared to the “Big Five” banks and other lenders on the market. As Ontario’s largest credit union, Meridian is offering a two-year fixed mortgage at 1.98 percent.
This competitive rate may be good news for potential home owners in Ontario. Buying a home has become increasingly difficult across the country in recent years, especially in city centres like the Greater Toronto Area and Metro Vancouver, due to rising interest rates and the mortgage stress test cutting into affordability.
“The reality is that it is next to impossible for many young people to get into the housing market in Ontario today,” said Dayna Whitney, Associate Vice President, Retail, Meridian, in a press release. “We believe this is an extremely competitive rate and it represents an exceptional opportunity to save – particularly for first-time homebuyers.”
The new rate is available to Ontarians who are:
looking to own a primary property up to a maximum purchase price of $1 million with an outstanding mortgage balance (after down payment) of $799,000 or less…
The Canadian Real Estate Association reported today that national home sales plunged 9% from January to February, with 75% of local markets, including all major cities, recording fewer transactions. It’s not the first time CREA has reported such a steep month-over-month decline—home sales also dropped sharply last January when the mortgage stress test came into […]