Bank of Canada Leaves Interest Rate at 1.75%, Markets React + MORE Jan 23rd

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Latest in Mortgage News: Canadians Say Low Interest Rates to Blame for High Home Prices Sep 5th

More than three-quarters of Canadians (77%) believe home prices in suburban and rural areas have risen to unsustainable levels, and most feel that ultra-low interest rates are to blame. A full 8 out of 10 people say low borrowing costs are to blame for the recent run-up in home prices, according to .... More »

What does the new Canadian Mortgage Charter mean for home owners? + MORE Dec 10th

In its 2023 Fall Economic Statement, the federal government announced the Canadian Mortgage Charter. It’s a new initiative intended to address the housing affordability issues caused by rising interest rates, low housing supply and more. The charter, which sets out expectations for lenders, is the.... More »

Variable-rate mortgages are about to trigger payment increases Aug 9th

There's been a lot of discussion recently about how variable-rate mortgage holders could face their "trigger point." We're going to explore what that means, and the implications for borrowers..... More »

National Housing Market Shows Signs of “Moderate” Vulnerability, CMHC Says Sep 26th

At the national level, Canada’s housing market showed “moderate evidence of overvaluation” in the second quarter, according to the Canada Mortgage and Housing Corporation. “The evidence of rising imbalances in some local housing markets coupled with the general weakening of h.... More »
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Beware of “Friendly” Calls From Your Bank + MORE Jun 9th

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offerin.... More »
Bank of Canada Leaves Interest Rate at 1.75%, Markets React
As was widely expected, the Bank of Canada left the target overnight rate unchanged this morning at 1.75%, where it’s sat since October 2018.
The Bank noted a few positive developments, but focused more on the downside risks.
“The global economy is showing signs of stabilization, and some recent trade developments have been positive,” reads the statement. “However, there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences.”
The Bank gave little indication about future monetary policy, saying only: “In determining the future path for the Bank’s policy interest rate, Governing Council will be watching closely to see if the recent slowdown in growth is more persistent than forecast. In assessing incoming data, the Bank will be paying particular attention to developments in consumer spending, the housing market, and business investment.”
Market Reaction
Bond yields, which lead fixed mortgage rates, fell strongly following the announcement…

Continue Reading On ratesupermarket.ca »

CMHC’s Siddall Won’t Seek Another Term

– canadianmortgagetrends.com

One of Canada’s most vocal advocates for stricter mortgage rules has announced he will be stepping down at the end of this year. Evan Siddall, who served as President and CEO of the Canada Mortgage and Housing Corporation (CMHC) since 2014, won’t be seeking another term once his ends, according to spokeswoman Audrey-Anne Coulombe. “A selection process for a new President and CEO will start in the coming months,” Coulombe told Bloomberg. “This will be an open and transparent process […]

Continue Reading On canadianmortgagetrends.com »

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