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

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

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

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

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

Canadians' mortgage borrowing hits lowest level since 2003

6/15/2023 | Posted in Financial Health by Jessi Sandhu

Canadians' mortgage borrowing has reached its lowest level since 2003, primarily due to the impact of higher interest rates, according to recent data released by Statistics ... More

Tags: Canada Living, Canadian Debt, Household Debt, NonMortgage Debt, Variable Rate Mortgages

Prime rate reaches 22-year high of 6.95% and could rise further as rate-hike expectations grow

6/11/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high ... More

Tags: Fixed Rate Mortgages, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

"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

Lenders - including some big banks -are hiking fixed mortgage rates again

5/29/2023 | Posted in Interest Rates by Jessi Sandhu

The past two weeks have seen a flurry of mortgage rate increases at mortgage lenders, including several of the Big 6 banks. ... More

Tags: Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Variable Rate Mortgages

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

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

What the Bank of Canada rate cut means for mortgages

3/5/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

Remember the Bank of Canada’s anxiety over worrisome consumer debt loads and housing imbalances? So much for that. ... More

Tags: Canada Real Estate, Canadian Real Estate Market Outlook, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Variable Rate Mortgages

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

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

Ultra-low Rates Will Persist: RBC

1/17/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

The 2020s won’t be the decade to lock into a long-term fixed mortgage, according to RBC Economics. ... More

Tags: Canadian Mortgage Market, Fixed Rate Mortgages, Mortgage Consumers, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

TD economists says the cost of servicing debts should ease early in 2020 ... More

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

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

Canadian mortgage borrowers have a 'rare opportunity'

9/6/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada's mortgage market has been turned upside down, and it's giving borrowers an uncommon advantage, a new report suggests. ... More

Tags: Canada Real Estate, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, 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

With fixed rates below variable ones, mortgage market is in the Upside Down

7/28/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

Strange Things: Canadians can now get a lower interest rate on a new mortgage by locking into a fixed rate, rather than opting for a variable rate. ... More

Tags: Canadian Mortgage Market, Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

The era of higher mortgage rates was short-lived

7/18/2019 | Posted in Mortgage Interest Rates by Jessi Sandhu

Those renewing or about to renew their mortgages can breathe a sigh of relief: The era of higher interest rates appears to have been short-lived. ... More

Tags: Canadian Mortgage Market, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

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

Mortgage market suffers 'extended chill' says Equifax

6/17/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

The Canadian mortgage market continues to suffer from the impact of lower home sales in major markets as the stress tests weaken homebuyers’ abilities. ... More

Tags: Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Delinquency, Mortgage Industry, Mortgage Market, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Reverse Mortgages, Second Mortgages, Stress Test, Uninsured Mortgages, Variable Rate Mortgages

More mortgage rate cuts could be coming for Canadian homebuyers

6/11/2019 | Posted in Mortgage Interest Rates by Jessi Sandhu

Canadian mortgage rates have already tumbled in recent months and more discounts could be on the way for homebuyers, a according to a new forecast. ... More

Tags: Condo Buyers, Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Market, Mortgage Rates, Mortgage Rates Canada, Mortgage Renewals, Mortgage Trends, Mortgages & Real Estate, Variable Rate Mortgages

Canadian mortgage rates falling to their lowest level in 2 years

6/7/2019 | Posted in Interest Rates by Jessi Sandhu

Spring is typically a busy time for home sales, so lenders are competing fiercely right now for new business — and that's adding up to record low rates for borrowers. ... More

Tags: Canada, First Time Home Buyers, Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Rates Canada, Mortgage Refinancing, Mortgages & Real Estate, Variable Rate Mortgages