In its recent announcement, the Bank of Canada has opted to maintain its target for the overnight rate at 5%, keeping the Bank Rate at 5¼% and the deposit rate at 5%. The central bank is steadfast in its commitment to the policy of quantitative tightening.

Purchasing a home is a significant milestone and a crucial financial decision for many Canadians. One of the most integral aspects of this process is securing a mortgage. Understanding the intricacies of mortgages in Canada is essential for prospective homebuyers to make informed choices and navigate the real estate market effectively. In this comprehensive guide, we'll delve into the fundamental aspects of mortgages in Canada, exploring various types, eligibility criteria, the application process, and important considerations for borrowers.