In Canada, mortgage rates are influenced by various factors, and they are primarily set by individual financial institutions, such as banks and credit unions. Here are the key factors that play a role in determining mortgage rates in Canada:
- Bank of Canada (BoC) Policy Rate
- Economic Conditions
- Bond Market
- Competition Among Lenders
- Lender-Specific Factors
- Terms and Conditions of the Mortgage
- Creditworthiness of the Borrower
While the Bank of Canada has a considerable influence on the overall interest rate environment in the country, individual lenders ultimately determine the specific mortgage rates they offer to borrowers. When working with our team, we will consider multiple lenders to find the best mortgage rates and terms for your individual circumstances.