Jul 20, 2018 | Interest rates, Mortgages
As we predicted in June, the Bank of Canada announced last week that they’re raising their overnight rate to 1.50%, up 1/4 of a percentage point from the previous 1.25% and the highest it’s been in almost a decade. The Bank predicts that the global economy will grow...
Jan 26, 2018 | Interest rates, Mortgages
A variable-rate mortgage is pretty much what it sounds like: a mortgage with a interest rate that varies. Whereas a fixed rate stays constant throughout the term of your mortgage, a variable rate (and your monthly payment) changes throughout the term. A variable rate...
Oct 27, 2017 | Interest rates, Mortgages
The next new mortgage regulation, which comes into effect 1 January 2018, will require borrowers to qualify based on a rate that is 2 percentage points above the contract rate or the Bank of Canada posted 5-year rate (currently 4.89%), whichever is higher. The “stress...
Apr 20, 2016 | Housing market, Interest rates, Mortgages
House prices and market activity continue to increase, especially in Vancouver and Toronto, even after measures taken by Finance Minister Bill Morneau, which took effect in February. Increasing the required down payments for home purchases valued above $500,000 was...
Apr 13, 2016 | Interest rates
The Bank of Canada announced today that it will keep its overnight rate at 0.5%, effectively making the bank rate 0.75% and the deposit rate 0.25%. Twice last year, the bank cut their rate, hoping to stimulate the economy. Since then, the economy has started...
Mar 24, 2016 | Housing market, Interest rates
The Liberal government is spending big and aiming high with its first budget. Finance Minister Bill Morneau delivered a budget aimed at creating some stimulus for a slowing economy. Unemployment has risen recently to 7.3%, and this new budget, which includes billions...
