While Canada’s low mortgage rates began to creep up at the end of 2016, mortgagors have been happy to see them remain relatively unchanged since then. However, the March Mortgage Rate Forecast recently released by the BC Real Estate Association suggests that those days may be coming to an end. Citing a stronger Canadian economy and “a large degree of policy incoherence” in the United States, the report predicts an increase in mortgage rates throughout the second half of 2017.

As of October 17th, many Canadians won't be able to qualify for the mortgage they would be able to get today. Buyers looking to purchase properties under $1 million with less than 20% downpayment will now have to qualify at a much higher mortgage rate than many Vancouver home owners have become accustomed to - regardless of what mortgage rate the lender actually offers them. Specifically: "all insured homebuyers must qualify for mortgage insurance at an interest rate the grea