Yesterday the Bank of Canada left the overnight rate unchanged again, stating that the economy is performing as expected. It is expected to remain unchanged until at least October of this year. Many economists however, feel the economy could be heading for a recession and that rate cuts are necessary. The economic data over the… Read More…
mortgage stress test
Bank of Canada Rate Remains Unchanged
https://dominionlending.ca/news/bank-of-canada-reduces-prospects-of-a-rate-hike/
Bank of Canada Rate Remains Unchanged
Yesterday the Bank of Canada announced that it would hold the overnight rate to 1.75%. For variable mortgage clients, bank prime rates for most lenders remain at 3.95%. Effective rates range from 2.95% and up for 5 year variables. In comparison, typical 5 year fixed rates are starting at 3.69% these days, with some specials… Read More…
Bank of Canada Holds Rate Steady
As was pretty much expected, the Bank of Canada held the overnight interest rate at 1 ¾% this week, citing a weaker outlook for the Canadian economy. The softer tone from the Bank is in direct contrast to what they said when they last met October 24. Since that time, oil prices have fallen considerably… Read More…
Stress Test…Eight Months Later
The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in… Read More…