Bank of Canada maintains interest rate: Read the official statement
December 09, 2020 - Here’s the official statement from the Bank of Canada’s interest rate decision on Wednesday, Dec. 9, 2020:
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of 0.25 per cent, with the...
The Importance of Mortgage Pre-Approval
November 20, 2020 - Looking at homes is exciting but before you get carried away, it’s important to sort out your financing as it can save you thousands of dollars and provide you with valuable peace of mind.
Getting pre-approved is easy! A mortgage lender...
Calculating Closing Costs
October 15, 2020 - House hunting is lots of fun but once you purchase a home, there are various fees you’ll be responsible for when closing time rolls around.
Your mortgage and down payment will cover the cost of your home but it’s important to...
Equifax Rolls Out Changes to its Mortgage Inquiry Process
September 22, 2020 - Equifax Canada has implemented changes to its mortgage inquiry process to enhance the protection of consumer information.
The changes, which were first announced to the industry earlier this year, came into effect on September 14,...
Bank of Canada Holds Key Interest Rate
September 09, 2020 - OTTAWA -- The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent.
This is a breaking news update. Our earlier story follows.
The Bank of Canada will say this morning what it will do with its key interest rate...
Mortgage Deferral Situation Easing
August 26, 2020 - Despite Canada Mortgage and Housing Corporation CEO Evan Siddall warning of a mortgage “deferral cliff,” and a sharp rise in mortgage defaults this fall, data from the country’s key mortgage lenders appear to be telling a different...
Stress Test Rate to Fall to 4.79%
August 12, 2020 - Stress Test to drop once again from 4.94% to 4.79%.
“It will make qualifying easier, or permit some people to borrow fractionally more,” Paul Taylor, President and CEO of Mortgage Professionals Canada, told the Globe & Mail.
Click...
Interest rates will stay low as Canada faces 'long climb' out of COVID-19 hole, central bank says
July 16, 2020 - Canada's central bank opted to keep its benchmark interest rate right where it was on Wednesday, at 0.25 per cent.
It's the first rate decision under the stewardship of Tiff Macklem, who took over as governor of the Bank of Canada last...
Mortgage Rates Keep Setting a New Low
July 02, 2020 - While mortgage rates have been tumbling steadily over the last couple of months, many are now in record-setting territory, with certain 1- to 5-year fixed rates now available for under 2.00% from discount brokers.
Concerns over a second...
Bank of Canada keeps key interest rate target on hold at 0.25%
June 03, 2020 - OTTAWA — The Bank of Canada kept its key interest rate target on hold as it said it believes the economy has avoided its worst-case scenario due to the pandemic.
The central bank said Wednesday its target for the overnight rate will...