Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Rising delinquencies test resilience of Canada’s mid-size lenders Oct 28th
Morningstar DBRS says mortgage delinquencies are climbing at Fairstone and Equitable while Laurentian remains resilient..... More »
Online-only mortgage services often seem to have better rates — but can you trust them like you can trust a bank? + MORE Mar 29th
Expert says online services such as Homewise, Nesto and Pineapple don’t impact the fundamental way that mortgages are underwritten. It’s just the front end that’s different..... More »
Latest in mortgage news: OSFI head applauds lenders’ efforts to shorten amortization lengths + MORE Apr 3rd
OSFI says it is encouraged by the progress Canadian lenders have made in reducing amortization lengths of the mortgages within their portfolios..... More »
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
Your mortgage interest payments are likely going up. Is there a way to reduce them? Nov 28th
A lump-sum payment would go directly to the principle of your mortgage, meaning you’re immediately paying less interest..... More »
Canada's big banks cut credit card interest rates to ease coronavirus impact – CBC.ca
– news.google.ca
Canada’s big banks cut credit card interest rates to ease coronavirus impact CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals Financial PostInterest rates are plunging — so why aren’t mortgage rates? CBC.caBetter Buy: Royal Bank of Canada (TSX:RY) or CIBC (TSX:CM)? The Motley Fool CanadaView Full coverage on Google News
What Does the Bank of Canada Interest Rate Cut Mean for Borrowers?
– ratesupermarket.ca
The Bank of Canada’s overnight target rate remained unchanged for over a year prior to the current COVID-19 related emergency rate cuts. Most recently, the BoC cut its overnight rate by 50 basis points (bps), bringing Canada’s key lending rate to 0.25%.
Bank of Canada Target Interest Rate Changes
Date
Target (%)
Change (%)
March 27, 2020
0.25
-0.5
March 16, 2020
0.75
-0.5
March 4, 2020
1.25
-0.5
January 22, 2020
1.75
—
December 4, 2019
1.75
—
October 30, 2019
1.75
—
September 4, 2019
1.75
—
Source: Bank of Canada
These measures are “intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic,” the BoC said in its release.
The BoC further assures Canadians that its efforts will “lay the foundation for the economy’s return to normalcy.”
In the meantime, these drastic cuts may leave many homeowners and mortgage shoppers questioning the magnitude of the BoC’s decision and how it may impact them at home…
