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...
Latest in Mortgage News: Stress Test Rate to Drop
May 22, 2020 - Thanks to a reduction in some Big-Bank posted rates in recent days, Canada’s mortgage stress test rate will fall as early as next week.
Both RBC and BMO cut a number of their posted mortgage rates this week, which should cause the...
Mortgage Lenders Provide COVID-19 Update – Part 2
April 14, 2020 - In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their...
Mortgage Lenders Provide COVID-19 Update – Part 1
April 07, 2020 - In a recent panel discussion series hosted by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders provided updates on how COVID-19 has impacted their operations and shaped their outlook.
The overwhelming...
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...