Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Latest in Mortgage News: Toronto and Vancouver Home Sales Surge in September Oct 8th
The fall was supposed to herald in a period of more subdued housing activity and home price growth. But preliminary September data for the Greater Toronto and Vancouver areas tells a very different story. In the GTA, home sales reached a new record of 11,083, representing a 42.3% gain compared to Se.... More »
The best 5-year fixed mortgage rates in Canada + MORE Aug 29th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
How the Government Has Saved the Economy from COVID-19…So Far Jul 25th
Despite deep economic pain caused by the global pandemic, the Canadian economy—and the housing sector in particular—appears to be bouncing back from the near-complete shutdown of society…at least for now. That’s thanks in large part to numerous government measures meant to keep liquidity flo.... More »
TD returns to positive earnings, but mortgage stress grows + MORE Aug 29th
TD Bank returned to profit in the third quarter after a loss in Q2 tied to U.S. regulatory and restructuring charges, even as rising mortgage delinquencies pointed to mounting household strain..... More »
Before you buy, here’s how to compare home insurance + MORE Aug 6th
Home insurance is important, but no one loves paying for it. That’s why people like to open their browsers and search for “cheap home insurance” and “how to save on home insurance.”
Any insurance professional will tell you that there’s no easy answer for cheap and full coverage,.... More »
BoC Drops Key Rate 0.50%-Pts. Will Prime Rate Follow?
– ratesupermarket.ca
The coronavirus contagion left the Bank of Canada little option today. It cut Canada’s key interest rate amid fears of a deepening economic downturn. It was the bank’s first rate cut in nearly five years and likely won’t be its last this year.
The move brings Canada’s overnight target rate to 1.25%, a level last seen in July 2018.
“While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks…” the Bank said in its statement.
“As the situation evolves, Governing Council stands ready to adjust monetary policy further if required to support economic growth and keep inflation on target.”
Market Reaction
The move means Canada’s prime rate—currently at 3.95%—should fall in the coming week or so.
So, what does this mean for mortgage shoppers? It will lower interest costs for those with floating-rate mortgages and HELOCs. Five-year fixed rate mortgages are also falling due to a steep drop in bond yields…
Canada’s Prime Rate Falls to 3.45% Following BoC Rate Cut
– canadianmortgagetrends.com
Canada’s prime rate fell to 3.45% today for the first time since July 2018. This is good news for floating-rate mortgage holders and those with Home Equity Lines of Credit or regular lines of credit. And it’s all thanks to Canada’s big banks passing along the full 50-bps rate cut delivered by the Bank of Canada yesterday. Many were expecting the banks to keep some of those savings for themselves to shore up their own balance sheets, but RBC Royal […]
