Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Shelter takes larger share in updated CPI basket weights + MORE Jun 17th
The latest update to the Consumer Price Index (CPI) basket gives even more weight to shelter costs—particularly mortgage interest and rent—underscoring just how much housing expenses are shaping the inflation experience of Canadians..... More »
Loanova prepares to launch Canada’s first fractional mortgage platform + MORE Nov 27th
The tech-driven startup plans to let everyday investors buy small stakes in syndicated mortgages, while helping borrowers who don’t qualify for traditional bank financing..... More »
Canadian home sales forecast downgraded—but the market may be turning a corner + MORE Jul 17th
For the second time this year, the Canadian Real Estate Association has downgraded its forecast for home sales in 2025, even as it says a turnaround could be looming following increased activity in June.
The association reported that the number of homes changing hands across the country in June r.... More »
HomeEquity Bank raises $200M through CHIP Mortgage Trust note sale May 3rd
Oversubscribed issuance underscores investor demand for reverse mortgage-backed funding.... More »
Switching to a better bank account Dec 17th
Almost every adult Canadian has a bank account, according to the Canadian Bankers Association. And there are practical reasons for that: most of us need a bank account to cover rent or mortgage payments, receive paycheques and to maintain our lifestyles.
But what if you’re looking for a bank acc.... 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 […]
