BoC to begin rate cuts by 2024's second quarter, market players say

11/7/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Experts are anticipating the BoC benchmark interest rate to retreat to 4% by the end of next year ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canada Living, Canada Real Estate

No more rate hikes expected as unemployment rate rises to 21-month high

11/3/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Canada’s unemployment rate ticked up two basis points to 5.7% in October, suggesting the Bank of Canada can now remain “firmly on the sidelines,” economists ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Economic Growth

Upcoming mortgage renewals part of why BoC held rate at 5 per cent: Macklem

11/1/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Bank of Canada governor Tiff Macklem says the central bank held its key interest rate at five per cent in part because of the effect a wave of upcoming mortgage renewals is ... More

Tags: Bank of Canada, Home Owners, Mortgage Rates, Mortgage Renewals

Bank of Canada delivers rate hold, but maintains hawkish bias

10/25/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada delivered its second straight rate hold today, but signalled that it remains concerned about inflationary risks and price pressures. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Real Estate, Economic Growth, Mortgage Consumers

Bank of Canada likely to begin cutting rates in mid-2024: CIBC's Tal

10/18/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The overnight rate could settle around 3%, according to leading economist ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canadian Housing Market, Canadian Housing Market Slowdown, Interest Rates, Mortgage Interest Costs

Mortgage renewals could cause severe downturn

10/7/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Upcoming mortgage renewals at high interest rate levels will potentially drive the Canadian economy into a more severe downturn than anticipated. ... More

Tags: Bank of Canada, Canadian Debt, Mortgage Consumers, Mortgage Delinquency, Mortgage Renewals

Mortgage interest costs now up over 80% since the start of the BoC's rate hikes

9/14/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canadian mortgage borrowers continued to see their interest costs climb in the second quarter, which have now soared over 80% since the Bank of Canada started raising interest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Home Buyers, Home Owners, Mortgage Consumers

Bank of Canada holds key rate steady at 5 per cent, says economy is weakening

9/6/2023 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada held its key interest rate steady at five per cent today, citing recent evidence that suggests the economy is weakening. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Variable Rate Mortgages

Economists see Bank of Canada holding on rates after surprise GDP contraction

9/1/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Economists say the latest GDP data from Statistics Canada showing a contraction in the economy suggests the Bank of Canada's rate hiking campaign may be coming to an end. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada GDP, Canada Inflation Rate, Canada Living, Economic Growth

Sustained low interest rates no longer possible, says former BoC governor

9/4/2023 | Posted in Interest Rates by Jessi Sandhu

This is despite a projected slight drop in the BoC’s policy rate by the end of 2024 or early 2025 ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Interest Costs, Mortgage Rates Canada, Variable Rate Mortgages

Canadian market participants see rates staying at 5 per cent in 2023: BoC survey

7/24/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

The Bank of Canada (BoC) will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Mortgage Rates Canada, Variable Rate Mortgages

What mortgage owners need to know about the Bank of Canada's rate hike

7/13/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Following the Bank of Canada’s latest interest rate hike, experts say Canadian mortgage owners will feel the impact of higher borrowing costs, either in the form of higher ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Consumer Spending, Home Buyers, Mortgage Consumers

How are mortgages keeping inflation high?

7/15/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada hiked interest rates again this week in response to persistently high inflation, prompting questions about the role of mortgages in the ongoing battle with high ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Mortgage Consumers

Struggling mortgage holders could see lenders waive fees under new guidelines

7/6/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Ottawa has published a new set of guidelines to standardize how Canada’s federally regulated lenders offer mortgage relief to consumers struggling under the weight of higher ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Government Intervention, Mortgage Consumers

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

7/12/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Home Buyers, Variable Rate Mortgages

Another rate hike coming, say Big Six banks

7/7/2023 | Posted in Interest Rates by Jessi Sandhu

All six of Canada’s main commercial lenders now expect the Bank of Canada to raise interest rates next week after the country’s labor market tripled expectations in ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Big Six, Canadian Banks

How risky is it to extend Canadian mortgage amortizations?

6/27/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada's record pace of interest rate hikes has led to the repayment period for many variable rate mortgages lengthening to over 30 years, helping to shield households from ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Deferrals, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgage Trends, Variable Rate Mortgages

When will the Bank of Canada put the brakes on its rate-hike campaign?

6/27/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Economists weigh in on the possibilities for the central bank’s policy rate ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers

Another week, another rise in fixed mortgage rates. How high could they go?

6/24/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Mortgage lenders, including most of the big banks, have continued to hike their fixed mortgage rates following the recent surge in Government of Canada bond yields, which are used ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Fixed Rate Mortgages, Interest Rates, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

BoC debated waiting until July to hike rates, but says data prompted it to act sooner

6/21/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada's governing council considered waiting until July to raise interest rates, but ultimately decided to act sooner in the face of hot economic data. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Rates Canada, Variable Rate Mortgages

Bank of Canada likely to hike again in July: TD

6/16/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Central banks seek sweet spot between fighting inflation and sparking recession ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing

Canada's debt rises as rates cut into households' cash flow

6/14/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Hawkish monetary policy and inflation posing headwinds for borrowers, latest figures suggest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, NonMortgage Debt

Canada mortgage market crisis coming amid high rates?

6/13/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Could the prospect of persistently high rates spell trouble for the market’s stability? ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada GDP, Canada Living, Canada Real Estate, Economic Growth, Mortgage Market, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Trends

Governments shunting 'dirty work' on inflation to Bank of Canada, CIBC says

6/13/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada will have to keep rates higher for longer unless governments do more to dial back their spending, one of the country’s largest commercial lenders warned. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Government Intervention, Government of Canada

Why the Bank of Canada rate hike won't be one and done

6/9/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Many economists are now pencilling in another hike in July ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate

"More pain" for variable-rate mortgage holders as the BoC hikes rates

6/7/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

Variable-rate mortgage holders are in for “more pain” following the Bank of Canada’s half-expected decision to hike interest rates again. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

The Bank of Canada's 'conditional pause' on interest rates may be over - so brace for another hike soon

6/6/2023 | Posted in Interest Rates by Jessi Sandhu

After hitting pause on rates, growing speculation the bank is ready to hike again ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Renewals

Monthly Mortgage Payments Could Spike 20-40% Over Next 3 Years: Bank of Canada

5/31/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

While a large number of mortgage holders have seen their monthly payment rates jump over the past year due to rising interest rates, the Bank of Canada (BoC) says the impact could ... More

Tags: Bank of Canada, Mortgage Consumers

Further BoC hike may be necessary, says leading economist

5/24/2023 | Posted in Mortgage Interest Rates by Jessi Sandhu

The central bank has kept the policy rate frozen at 4.5% in its two most recent meetings ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Tiff Macklem named new Bank of Canada governor amid COVID-19 pandemic

4/30/2020 | Posted in Anouncements by Jessi Sandhu

Tiff Macklem, a former second-in-command at the Bank of Canada, is returning to the central bank to take over the top job at a moment that he says cries out for bold, ... More

Tags: Bank of Canada, Government of Canada