Bank of Canada

The Bank of Canada is responsible for setting the overnight rate which Prime rate is derived from. If you have a variable or adjustable rate mortgage, it’s a good idea to know the rate announcement schedule and outcomes.

Mortgage Insurers

For home purchases with less than 20% down payment, the lender is required to obtain Mortgage Default Insurance through one of these three companies:

CMHC is Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research.

Genworth’s online resource,, helps Canadians build their knowledge of the homebuying process and make their homeownership experience an informed and responsible one.

As the only 100% Canadian-owned private mortgage insurer, supported by the financial strength of our ownership team, Canada Guaranty is committed to delivering service excellence and improved solutions to support borrowers.

Canadian Credit Reporting Agencies

Lenders will pull credit from both of these reporting agencies before approving new credit. Make sure you know what’s on yours to protect yourself against fraud and to avoid disappointment by being declined by a lender.

Spot early signs of ID Theft before it happens – sign up for Equifax’s Advantage Plan OR obtain one-time access to your credit report.

TransUnion offers peace of mind with unlimited access to your personal credit profile and score. Email alerts when there is a key change, so you stay informed.