Learn more about Canadian mortgage rates, rules and the latest news – read on!
Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say - Global News Mar 2nd
Bank of Canada rate cut increasingly likely amid coronavirus fears, economists say Global NewsCoronavirus rate cut could open Poloz's finale at Bank of Canada BNNBloomberg.caBoC Increasingly Likely to Deliver a Surprise Rate Cut This Week - Mortgage Rates & Mortgage Broker .... More »
The internet is great for researching infomation, ratings and even advice. With so much available data, it’s hard to decide which is accurate, reliable or even truthful. Take this site for example. If this is your first visit then you may not be aware of all my credentials nor how accurate .... More »
Mortgage rates fell by about 1% since January of this year. That rate drop has created a surge in real estate sales across Canada, with September and October seeing a greater than average number of real estate transactions. We also saw consumers taking advantage of these low rates by refinancing .... More »
Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The.... More »
Mortgage Rates Rising Rapidly Canada’s Real Estate Market Faces Uncertainty Call to End to Open Houses Mortgage Payment Deferral Challenges Filogix’s Expert Victim of Ransomware Attack Mortgage Rates on the Rise Banks and other mortgage lenders have been frantically raising rates since last week.... More »
WAS THIS A BIG MISTAKE?
Last week, Stephen Poloz, the Bank of Canada Governor, kept the Prime Rate as is during the 6th of their eight scheduled meetings for 2019. The Current Target rate is 1.75%. (Bank Prime rate is derived from this rate. Today’s Bank Prime rate is 3.95%. Over 99% of time, when the Target Rate is cut, the Banks will reduce the Bank Prime Rate by an equal amount).
This was a very calculated decision that has politics written all over it. While the rest of the world banks have been cutting rates to combat a looming recession due to growing global trade wars and slowing global economies, our Government did nothing. Apparently, the Canadian economy is ‘resilient’. The next Bank of Canada meeting is set for October 30, 2019. Oh, and there’s a Federal election on Oct 21, 2019. Yeah, this has politics written all over it.
WHAT YOU SHOULD KNOW ABOUT MORTGAGE RATES TODAY.
Here’s a quick lesson on how mortgage rates are usually priced…
The second quarter proved a good one for the country’s key broker channel lenders. Mortgage originations were mostly up across the board. One notable exception was Street Capital’s Street Solutions product, which targets the uninsured segment of the mortgage market. It saw a 60% year-over-year decline in originations. Given the pending takeover of Street Capital […]