Bank of Canada keeps the rate .25%

Bank of Canada will maintain the current level of policy rate until the inflation objective is achieved, continues its quantitative easing program.


This gives us an indication that 2021 will not see any rate increase. In-fact the rates will be dropping in the near future.


As of today, the All-time low rate offerings are from

1.60% 5 years Variable

1.64% 5 years Fixed


HSBC has just offered a .99% 5 years Variable. But do you know the below conditions?

In order to qualify for HSBC Premier you must have an active HSBC Premier chequing account, and meet the following eligibility criteria:

  1. The deal applies to high-ratio residential mortgages, which means the homebuyer has a down payment of less than 20 percent of the purchase price.

  2. Purchase property price less than 1 million

  3. Total Relationship Balance of $100,000 (CAD) or more, or

  4. Total Mortgage Amount of $500,000 (CAD) or more, or

  5. Total Monthly Income Deposit of $6,500 (CAD) or more plus confirmation of $100,000 or more in deposits and/or investments in Canada

  6. Have to qualify GDS / TDS at HSBC discretion which is 32/40