The week's best variable and fixed mortgage rates
The last couple weeks have been a bit deflating for anyone hoping for decreasing mortgage rates. Market expectations of Bank of Canada rate cuts have been waning, the central bank chose to hold rates last month and increasing bond yields mean slightly higher fixed rates could be on their way.
Here's a bit of good news for any first-time homebuyers who are looking at new builds: A proposed rebate on GST for new home purchases could lower your mortgage costs.
The Parliamentary Budget Officer – which provides independent financial analyses of federal government policy proposals – said the Liberals' plan to rebate some or all GST charges for first-time homebuyers purchasing new construction homes below $1.5 million will save an average of roughly $27,000 for eligible buyers.
The impact will be limited, as the PBO thinks less than 5 per cent of all new construction sales will be from people who qualify for the program over the next six years.
But if you are a first-time homebuyer in the market for a new build, you could save a maximum of $50,000 on a $1-million home as a result of the policy, which has only begun working its way through Parliament. A study by Desjardins found that the maximum rebate could save you roughly $240 in mortgage payments per month.
Mortgage rates are sourced by Ratehub.ca. For a comprehensive list of today's mortgage rates for each term/type, visit ratehub.ca/best-mortgage-rates.
Ratehub.ca is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.
Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on June 12.
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