Home / Mortgages / How the Bank of Canada’s interest rate works—and why it’s rising + MORE Apr 13th

How the Bank of Canada’s interest rate works—and why it’s rising + MORE Apr 13th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News

How much income do I need to qualify for a mortgage in Canada? + MORE Aug 20th

The first two rate cuts from the Bank of Canada (BoC) are finally making a mark on housing affordability. According to the latest monthly affordability report from Ratehub.ca (Ratehub Inc. owns both Ratehub.ca and MoneySense), it became easier to qualify for a mortgage for the average-priced hom.... More »
property

Death, Taxes, and Interest Payments: Part 2 + MORE Jul 1st

There are some things in life you can’t avoid, but only two things you can’t avoid paying for: taxes and interest payments. In Part 1 of this series, we looked at owning a rental property as a great way to build your net worth while reducing your taxes. Now, in Part 2, we’ll be turning to inte.... More »
secure line of credit

Fixed-rate borrowers face up to 20% payment hikes at renewal, BoC warns Jul 23rd

Bank of Canada data shows fixed-rate borrowers face the steepest payment hikes this year and next, but not all mortgage holders are in the same boat.... More »
home equity

We’re 10 years apart. Can we retire together? + MORE Feb 26th

Ask MoneySense My wife and I plan to retire at the end of 2027. I am 63 and my wife is 53. All our investments are split 50/50 between RRSPs and LIRAs for a total of about $1,450,000. We anticipate needing about $110,000 a year after tax in retirement. We have a line of credit, and we are paying it .... More »
home loans

Read this before applying for the First-Time Home Buyer Incentive + MORE Jun 19th

In a red-hot real estate market, a little help with the down payment on a home can go a long way—especially when you’re a first-time buyer without the advantage of equity in an existing property. So when the Canadian federal government decided, in 2019, to begin offering first-time home buyers d.... More »
This B.C. tech worker is $60,000 in debt and paying mortgage for a plot of land. How can she get out of debt?While Paula, 37, has been in the dumps over her finances, a small remedy is an expected $7,000 to $15,000 she’ll be receiving soon “settling a pay equity case.”

Continue Reading On thestar.com »

Mortgage rates are heading up fast. Should you refinance and lock in before they go any higher?With rates heading up, now is the time to re-evaluate your mortgage, expert says.

Continue Reading On thestar.com »

The Bank of Canada has raised its policy interest rate by half a percentage point for the first time in decades, a move intended to slow runaway inflation. The rate hike brings the Bank’s policy interest rate, also known as the overnight rate, up to 1% from the previous 0.5%. 

It’s the second time the Bank has raised its target interest rate this year, and the first time it has done so beyond a 0.25% increment since May 2000. After maintaining a benchmark rate of 0.25% in January—a record low first implemented in March 2020 in response to the COVID-19 pandemic—it increased the rate to half a percentage point in early March. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

Inflation, as measured by the consumer price index (CPI), has fuelled the need for a tightening of monetary policy in Canada…

Continue Reading On moneysense.ca »

Not sure what the best mortgage rates in Canada are? Be sure to get the best rates possible – Visit our Mortgage page for details.

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!