Meridian is making news as of late, as it recently posted the lowest two-year fixed-interest rate in recent Canadian history, compared to the “Big Five” banks and other lenders on the market. As Ontario’s largest credit union, Meridian is offering a two-year fixed mortgage at 1.98 percent.
This competitive rate may be good news for potential homeowners in Ontario. Buying a home has become increasingly difficult across the country in recent years, especially in city centres like the Greater Toronto Area and Metro Vancouver, due to rising interest rates and the mortgage stress test cutting into affordability.
"The reality is that it is next to impossible for many young people to get into the housing market in Ontario today,” said Dayna Whitney, Associate Vice President, Retail, Meridian, in a press release. "We believe this is an extremely competitive rate and it represents an exceptional opportunity to save – particularly for first-time homebuyers."
The new rate is available to Ontarians who are:
- looking to own a primary property up to a maximum purchase price of $1 million with an outstanding mortgage balance (after down payment) of $799,000 or less.
- looking for an amortization period of 25 years or less.
Homebuyers should note, however, that Meridian is posing this rate as a limited-time offer. Wondering how this Meridian rate stacks up to competitors? To get a more comprehensive range of available rates on the market, homebuyers can compare mortgage rates from various lenders at RATESDOTCA.
To better understand the process and realities of homeownership, check out our First Time Home Buyer’s Guide - a resource for Canadians buying their very first home. We’ve got you covered from the open house to closing the deal.