Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums
March 18, 2020 - For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points.
Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most...
Bank of Canada lowers overnight rate target to 1 ¼ percent
March 04, 2020 - The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.
While Canada’s economy has been operating close to...
Ottawa unveils new mortgage stress test rules that will make it easier to pass Social Sharing
February 19, 2020 - Starting in April, the government will change the rules that cover mortgage lending in a way that should, in the short term at least, make it easier to qualify for a loan to buy a home.
The Department of Finance says that as of April 6,...
OSFI Hints at Changes to The Mortgage Stress Test Qualifying Rate
February 03, 2020 - The use of Canada’s benchmark rate in administering the mortgage stress test is currently under review, according to an official with the Office of the Superintendent of Financial Institutions (OSFI).
In a speech to the C.D. Howe...
Bank of Canada Rate Update
December 05, 2019 - In line with financial market expectations, the Bank of Canada announced on December 4th, 2019 that it was keeping its trend-setting overnight lending rate unchanged at 1.75%. This marks the ninth straight interest rate decision where the...
Bank of Canada holds rate at 1.75%, says Canada’s ‘resilience’ will be ‘tested’
October 30, 2019 - Bank of Canada has decided to leave the overnight rate the same at 1.75%. This means prime will remain at 3.95%.Read below or click on the link to learn more.___The Bank of Canada is keeping its key interest rate on hold in a decision...
Canadians Need Guidance With Their Mortgages
October 04, 2019 - That’s the takeaway from a national survey released this week by Rates.ca, which found half of Canadians aren’t aware of the mortgage options available to them.
Not only that, but Canadians are lacking in some other basic mortgage...
What you need to know about the Canadian First-Time Home Buyer Incentive
September 09, 2019 - The federal government launched a new national program on September 2, 2019, that it says will help thousands of families across the country buy their first home. Aptly named the First-Time Home Buyer Incentive (FTHBI), the program...
Stress-Test Rate Drops After a Year of No Change
July 19, 2019 - Good News in the Mortgage Industry. The qualifying rate has been lowered from 5.34% to 5.19%.This marks the first reduction in the rate since September 2016.Click here to read more!
Bank of Canada holds interest rate steady at 1.75%, citing trade tensions
July 10, 2019 - The Bank of Canada is leaving its key interest rate unchanged in an announcement that balances domestic economic improvements with an expanding global slowdown caused by trade conflicts.
The decision Wednesday kept the interest rate at...