EQB sees impaired loans double in Q2, but expects improvement ahead + MORE Jun 5th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Alternative mortgage lender EQB saw a rise in gross impaired loans in the second quarter compared to a year ago, but highlighted recent improvements and expects losses to stabilize going forward.

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Finally!! The Bank of Canada cuts the rate. Today, the Bank of Canada cut the Prime rate by 0.25%.  Hooray!  This will directly affect Variable rate mortgages and indirectly affect Fixed rate mortgages. 

It has been 27 months since the Bank of Canada governor, Tiff Macklem, started hiking rates to combat inflation.  The last hike was in July 2023. Since then, it’s been a guessing game to see when Macklem would act.. Finally, he cut the rates which is much needed and welcome news to all.

Last September we started seeing the BIG SIX BANK Economists call for a rate cut.. There is no logical reason to keep rates at these elevated levels any longer, they said.  Consumers and businesses are struggling and hurting while they try to absorb the massive rate increases.

https://financialpost.com/news/canada-standard-of-living-faces-worst-decline-40-years

BUT STILL, THEY DID NOTHING.   

Put another way, the Bank of Canada has met 18 times to set the rate…

Continue Reading On canadamortgagenews.ca »

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