Learn more about Canadian mortgage rates, rules and the latest news – read on!
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... More »
Social distancing restrictions in place for the past few months have transformed the way homes are bought and sold, with many showings now taking place “virtually.” And many homebuyers—42%, to be exact—are just fine with that, according to a recent survey by the Ontario Real Estate A.... More »
Late last year, many had forecasted that the Bank of Canada might cut interest rates in 2020. However, no one could have foreseen just how low-interest rates were about to plummet in the coming months. Canada’s COVID-19 lockdown led to a sharp rise in unemployment, causing the Bank of Canada to s.... More »
It’s official, Canada’s prime rate will fall to 2.45% following the Bank of Canada’s emergency rate cut on Friday. RBC once again led the way by confirming it would match the BoC’s 50-bps rate cut by dropping its prime rate to 2.45%. Scotiabank, TD, BMO and CIBC then followed in quick succes.... More »
The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
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.”
Bond yields, which lead fixed mortgage rates, fell strongly following the announcement…
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 […]