Interested in learning more about property mortgages in Canada? Look no further!
National home sales are projected to fall to a near decade low in 2019, as rising interest rates and strict mortgage stress-test rules continue to put a damper on homebuyer sentiment, according to the Canadian Real Estate Association..... More »
Federal Finance Minister Bill Morneau says he is not considering imposing stress tests on private mortgage lenders..... More »
The latest data released over the past couple of weeks are helping to provide a reading on how different jurisdictions in the country are faring when it comes to economic growth and housing affordability. The Conference Board of Canada’s latest Metropolitan Outlook, for example, breaks down re.... More »
Looking at mortgage rates for a new house? Need a mortgage calculator? Canada residents know it’s easy to fall in love with your dream home. But, it helps to factor in the mortgage loan amount and interest rate beforehand. You want to determine how much house you can afford - p.... More »
Unexpected drama is unfolding with one of Canada’s leading mortgage brokerages. Back in September we reported how DLC was making a play to retake control of itself from Founders Advantage Capital Corp (FA). The deal was to lead to increased investments in broker technology and new acquisitions of .... More »
Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April.
After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the overnight rate to 1.75 per cent.
This is the third time the central bank has raised rates this year, and the fifth time since July 2017. This rate hike most likely means commercial banks will soon hike their prime rates, making borrowing costs more expensive for anyone with a floating rate loan, like a variable-rate mortgage or a line of credit.
New trade policy boosts confidence in economy, but Bank still has concerns
In a statement released shortly after the announcement, the Bank lists several reasons for raising rates this time, including the finalization of the new trade agreement to replace NAFTA. The Bank states, “The global economic outlook remains solid. The US economy is especially robust and is expected to moderate over the projection horizon… The new US-Mexico-Canada Agreement (USMCA) will reduce trade policy uncertainty in North America, which has been an important curb on business confidence and investment…