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

Bank of Canada says coronavirus to trigger biggest slump ever, drops forecasts

4/15/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada on Wednesday said the coronavirus outbreak was set to trigger the biggest ever near-term Canadian downturn but suspended its regular economic forecasts, citing ... More

Tags: Bank of Canada, Canada GDP, Canada Real Estate, Economic Growth

Bank of Canada: Key interest rate cut to lowest level

3/27/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada is cutting its key interest target by half a percentage point to 0.25 per cent in an unscheduled rate announcement. ... More

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

Big Six banks slash prime rates by half a point

3/17/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Big Six banks are slashing their prime lending rates 50 basis points to 2.95 per cent from 3.45 per cent in response to the plunge in the benchmark Bank of Canada interest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Banks, Household Debt, Variable Rate Mortgages

Bank of Canada slashes policy rate to 0.75 per cent in surprise cut

3/13/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada cut its trend-setting interest rate by half a percentage point to 0.75 per cent from 1.25 per cent in a surprise move on Friday aimed at softening the economic ... More

Tags: Bank of Canada, Economic Growth, Household Debt, Variable Rate Mortgages

Toronto House Prices Jump By $130,000 In A Year

3/6/2020 | Posted in Toronto Real Estate by Jessi Sandhu

Toronto House Prices Jump By $130,000 In A Year As Industry Calls For 'Shovels In The Ground'. And now the Bank of Canada is putting "kerosene on the fire" with ... More

Tags: Bank of Canada, Interest Rates, Stress Test, Toronto Condo Market, Toronto House Prices, Toronto Living, Toronto Real Estate, Toronto Real Estate Prices, Toronto Residential

Bank of Canada lowers overnight rate target to 1.25 percent

3/4/2020 | Posted in Mortgage Interest Rates by Jessi Sandhu

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 ... More

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

BoC rate must be at 1.5%, think-tank's fiscal policy council says

3/2/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Just a few days before the Bank of Canada’s March 4 meeting, the Monetary Policy Council of the C.D. Howe Institute called on the institution to lower its benchmark policy ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate

Bank of Canada Holds Rates, Shows Less Confidence in Outlook

1/22/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

The Bank of Canada held interest rates steady but expressed heightened concern about a slowing economy. ... More

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

CEO of Canada's biggest bank calls for caution as Ottawa considers adjusting mortgage stress test

1/8/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

Royal Bank of Canada chief executive Dave McKay told a banking conference on Tuesday that the mortgage stress test has “generally been good ... More

Tags: Bank of Canada, Big Six, Canadian Banks, Canadian Housing Market, Canadian Mortgage Market, Canadian Real Estate Market Outlook, Housing Affordability, Housing Demand, Stress Test

Bank of Canada keeps key interest rate target on hold

12/5/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada kept its key interest rate on hold as expected at 1.75 per cent where it has been for more than a year as it said Wednesday that ongoing trade conflicts and ... More

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

Bank of Canada announces interest rate decision

10/30/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada (BoC) announced today that it would keep the overnight rate at 1.75%. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Households, Mortgages & Real Estate, Variable Rate Mortgages

Bank of Canada reveals latest interest rate decision

9/4/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada resisted pressure from investors by declining to signal it will soon follow global peers in easing monetary policy. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Jessi Sandhu

A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

5 ways the U.S. Fed's rate cut affects Canadians

8/2/2019 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Here’s a look at how lower rates south of the border could ripple through our country, according to five experts. ... More

Tags: Bank of Canada, Economic Growth

Central bank qualifying rate used in mortgage stress tests falls

7/21/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

The Bank of Canada's rate used by mortgage stress tests to determine whether would-be homeowners can qualify has dropped for the first time in three years. ... More

Tags: Bank of Canada, Canada Mortgage and Housing Corporation, CMHC, Home Buyers, Stress Test

Bank of Canada keeps key interest rate steady

7/10/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada is keeping its trend-setting interest rate steady at 1.75 per cent in a decision widely expected by economists. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, Variable Rate Mortgages

Bank of Canada to cut rates in October, then twice more

7/3/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada will start cutting its key lending rate in October as annual economic growth slows to one per cent in 2020, according to Capital Economics. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Home Buyers, Interest Rates, Mortgage Rates Canada

Inflation surges to highest in seven years, giving Bank of Canada room to hold rates

6/20/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Canadian inflation quickened in May on increases across all eight major components, giving the Bank of Canada plenty of scope to hold interest ... More

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

Bank of Canada maintains overnight rate target at 1.75 per cent

5/29/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada today maintained its target for the overnight rate. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt

Interest rate cut now unlikely say economists

5/27/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada will make its May interest rate decision Wednesday but it’s unlikely there will be a change according to a panel of experts. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Poloz expects rates to rise 'a bit' but unsure on timing

5/21/2019 | Posted in Interest Rates by Jessi Sandhu

Bank of Canada Governor Stephen Poloz said he sees the slowdown in Canada’s economy as temporary and that interest rates will likely go up – he just doesn’t know ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Housing Market, Economic Growth, Interest Rates

BoC touts long-term mortgages to open MBS market

5/9/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

Bank of Canada Governor Stephen Poloz suggested that lenders should encourage mortgage products with longer terms as a means of distributing risk more evenly and insulating the ... More

Tags: Bank of Canada, Canada Mortgage and Housing Corporation, Household Debt, Mortgage Consumers, Mortgage Market, Mortgage Trends, Mortgages & Real Estate, Uninsured Mortgages

Household debt to have knock-on effect upon banks, economy

4/29/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Canadians now owe an average of $1.79 for every dollar of disposable income. ... More

Tags: Bank of Canada, Bankruptcy, Canada, Canadian Banks, Household Debt, Insolvency, Interest Rates, NonMortgage Debt

Bank of Canada keeps rates steady, cuts language about future hikes

4/24/2019 | Posted in Interest Rates by Jessi Sandhu

Bank of Canada keeps rates steady, cuts language about future hikes. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Bank of Canada 'going nowhere' with interest rates into 2020: Economist

4/3/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

The Bank of Canada is likely to stand pat on interest rates for the remainder of this year and well into 2020, according to the chief economist of BMO Financial Group. ... More

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

Bank of Canada's Poloz says stimulative rates needed for temporary soft patch

4/2/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Poloz's optimism Monday about the future could ease speculation the central bank could lower rates. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Real Estate, Economic Growth, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Bank of Canada to hold interest rates through 2020: TD Securities

3/15/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada will likely hold off raising interest rates through all of 2020, and could even cut rates later this year, according to TD Securities’ senior rates ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages