Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
The Parliamentary Budget Office Reminds Us that Higher Interest Rates Would Bring Challenges Jun 23rd
When Interest Rates Inevitably Rise… In a new report on “household indebtedness and financial vulnerability,” the Parliamentary Budget Office (“PBO”) has provided calculations on how increased interest rates would affect debt service costs for Canadian consumers. The PBO report assumes tha.... More »
Why Canadian investors should avoid MLPs Jan 20th
For better or worse, a sizable group of Canadian investors still screens prospective investments by dividend yield. When that search expands beyond Canadian stocks, it often leads into parts of the U.S. market that look attractive on the surface but are poorly understood.
Common examples include .... More »
2022 – Year in review Jan 3rd
As we turn the page on yet another tumultuous year, we wanted to take a look back at some of the top mortgage-related stories of 2022 and how mortgage rates fared..... More »
Opinion: When competition crosses a line in mortgage brokering Oct 16th
Every so often, a situation comes along that reminds us of a darker side of mortgage brokering. Most of the time, competition is healthy. But sometimes, it crosses a line; not legally, but ethically..... More »
Bank of Canada Raises Overnight Rate to 1.75%; Cites New Trade Policy and Growing Economy Oct 25th
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 ov.... More »
I have 2.39% for 5 yrs fixed available…but I wont sell it.
– canadamortgagenews.ca
It’s true. I have access to this great rate. It’s around 0.20% lower than the best rate today. And you won’t see me recommending it to my clients. That’s right, I’m recommending they don’t take it. Why? It’s simple. No, I don’t want my clients paying more on their mortgage. I want to see […]
Bank of Canada holds interest rate at 0.5%
– moneysense.ca
The Bank of Canada’s key interest rate will remain at 0.5 per cent, as widely expected.
Even still, economists will be scrutinizing the central bank’s statement for clues about how it views the economy.
The last time the Bank of Canada made a rate announcement it raised its expectations for economic growth in its monetary policy report.
However, the massive forest fire in Alberta that resulted in oilsands production shutdowns earlier this month have cut into expectations for the economy in the second quarter.
The problems are compounded by recent economic data that has suggested the first quarter will end on a weak note.
The Bank of Canada’s target for the overnight rate is a key factor affecting the rates set by Canada’s big banks for variable rate mortgages and lines of credit.
Bank of Montreal senior economist Robert Kavcic wrote in a recent note to clients that the recent run of economic data has been soft, especially the trade figures.
“Look for a relatively straightforward policy statement from the Bank of Canada, with no move on interest rates but a somewhat more cautious tone than in April,” Kavcic said…
Even still, economists will be scrutinizing the central bank’s statement for clues about how it views the economy.
The last time the Bank of Canada made a rate announcement it raised its expectations for economic growth in its monetary policy report.
However, the massive forest fire in Alberta that resulted in oilsands production shutdowns earlier this month have cut into expectations for the economy in the second quarter.
The problems are compounded by recent economic data that has suggested the first quarter will end on a weak note.
The Bank of Canada’s target for the overnight rate is a key factor affecting the rates set by Canada’s big banks for variable rate mortgages and lines of credit.
Bank of Montreal senior economist Robert Kavcic wrote in a recent note to clients that the recent run of economic data has been soft, especially the trade figures.
“Look for a relatively straightforward policy statement from the Bank of Canada, with no move on interest rates but a somewhat more cautious tone than in April,” Kavcic said…
Top Performers: Collin Bruce
– canadianmortgagetrends.com
By Vanessa Chris, Special to CMT Collin Bruce attributes his success in the mortgage brokering industry to one simple element: necessity. When he first started out—following a career in commercial lending, two failed Subway franchises and a stint in house-flipping—he was up to his eyeballs in debt. He needed to start making money…fast. “I had a salaried job lined up at the bank, but there was something about mortgage brokering that appealed to me, even though it was a commissioned job,” he says. “The main issue stopping me was that I simply didn’t have the money to take the mortgage READ MORE
Business events scheduled for the coming month
– canadianbusiness.com
Business events and economic reports scheduled for the coming month:
All times are Eastern.
WEDNESDAY, June 1
WASHINGTON — Institute for Supply Management releases its manufacturing index for May, 10 a.m. Commerce Department releases construction spending for April, 10 a.m.; Federal Reserve releases Beige Book, 2 p.m.
DETROIT — Automakers release vehicle sales for May.
THURSDAY, June 2
WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac releases weekly mortgage rates, 10 a.m.
VIENNA — The European Central Bank’s governing council meets to set monetary policy for the 19-country eurozone.
FRIDAY, June 3
WASHINGTON — Labor Department releases employment data for May, 8:30 a.m.; Commerce Department releases international trade data for April, 8:30 a.m.; Institute for Supply Management releases its service sector index for May, 10 a.m.; Commerce Department releases factory orders for April, 10 a.m.
MONDAY, June 6
BERLIN — Germany releases factory orders data for April, a key indicator for Europe’s biggest economy…
All times are Eastern.
WEDNESDAY, June 1
WASHINGTON — Institute for Supply Management releases its manufacturing index for May, 10 a.m. Commerce Department releases construction spending for April, 10 a.m.; Federal Reserve releases Beige Book, 2 p.m.
DETROIT — Automakers release vehicle sales for May.
THURSDAY, June 2
WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac releases weekly mortgage rates, 10 a.m.
VIENNA — The European Central Bank’s governing council meets to set monetary policy for the 19-country eurozone.
FRIDAY, June 3
WASHINGTON — Labor Department releases employment data for May, 8:30 a.m.; Commerce Department releases international trade data for April, 8:30 a.m.; Institute for Supply Management releases its service sector index for May, 10 a.m.; Commerce Department releases factory orders for April, 10 a.m.
MONDAY, June 6
BERLIN — Germany releases factory orders data for April, a key indicator for Europe’s biggest economy…
Q1 Broker Lender Roundup
– canadianmortgagetrends.com
Canada’s largest public non-bank lenders have wrapped up their first quarters. Among other trends, two big themes this quarter were the tightening of mortgage spreads and a refocus on improving customer retention. To get colour on those and more, we combed through the transcripts of three non-bank giants, First National, Home Capital and Street Capital. Here are the highlights… Street Capital Notables from its call (Source): Street now has over $25 billion in mortgages under administration. $1.52 billion worth of mortgages was sold during the quarter compared to $1.62 billion the year before. CEO Ed Gettings said that Street’s first objective is to advance READ MORE
