Many mortgage holders have little room for higher payments: MPC + MORE Jun 26th
Mortgage terms and closing costs leave many homebuyers confused, survey shows Dec 3rd
For many homeowners 55+, the goal is no longer downsizing, but aging in place + MORE Jul 23rd
What’s moving Canada’s mortgage market this week Aug 5th
Weekly mortgage digest: Canadians are pulling back on borrowing Sep 16th
EQB sees impaired loans double in Q2, but expects improvement ahead
– canadianmortgagetrends.com
Finally!! The Bank of Canada cuts the rate.
– canadamortgagenews.ca
Today, the Bank of Canada cut the Prime rate by 0.25%. Hooray! This will directly affect Variable rate mortgages and indirectly affect Fixed rate mortgages.
It has been 27 months since the Bank of Canada governor, Tiff Macklem, started hiking rates to combat inflation. The last hike was in July 2023. Since then, it’s been a guessing game to see when Macklem would act.. Finally, he cut the rates which is much needed and welcome news to all.
Last September we started seeing the BIG SIX BANK Economists call for a rate cut.. There is no logical reason to keep rates at these elevated levels any longer, they said. Consumers and businesses are struggling and hurting while they try to absorb the massive rate increases.
https://financialpost.com/news/canada-standard-of-living-faces-worst-decline-40-years
BUT STILL, THEY DID NOTHING.
Put another way, the Bank of Canada has met 18 times to set the rate…
