While the pandemic has caused great devastation to the Canadian economy, for those lucky enough to have kept their jobs, they are able to take advantage of record low mortgage rates.
HSBC's variable rate for five-year, closed term mortgage, is the lowest in Canadian history at a rate just under 1% percent. The 0.99% percent rate is available for high-ratio mortgages, meaning a mortgage with a downpayment of less than 20% percent of the purchase price. This variable rate will change as HSBC’s prime rate fluctuates, meaning it could increase over the next few years based on a number of factors, including the Bank of Canada’s rates.
After being stuck at home for months because of COVID-19, many people want bigger homes with more space and home…
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