Mortgage Logic

Buzz Grant

BoC Today – Are we at an End of a Rising Bank Rate Cycle?

The Bank of Canada (BoC) has raised its Key Overnight Lending rate by 25 basis points, bringing it to 4.50%, and the Prime rate of interest to 6.7%. This is the BoC’s eighth consecutive rate hike and was anticipated by markets and many economists. Looking ahead, the Bank said it “expects to hold the policy …

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BoC Rate Increase Today but Signs of Rates Plateauing

The Bank of Canada today increased its target for the overnight rate to 4¼% impacting the Prime rate at major FI’s to increase to 6.45%.  The Bank is also continuing its policy of quantitative tightening – releasing debt previously purchased from its balance sheet.  This rate increase caps off a year of rate increases not …

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Bank of Canada raises its Key Rate by 0.75% today

Today the Bank of Canada has increased its key overnight lending rate to 3.25%, a 0.75% increase.  Overall, this year the BoC has raised its key rate by 3.0% since March, rivaling the mid-1990s in rate increases.  Per the BoC: “The Governing Council remains resolute in its commitment to price stability and will continue to …

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June 1 2022 – Bank of Canada Raises Key Rate – How To Survive and Thrive Post Recession.

June 1 2022, the Bank of Canada raises Key Rate. Today the Bank of Canada (BoC) decided to raise its key rate by 0.50% to 1.50%, which will cause the Prime Rate at major Financial Institutions (FI’s) to increase the same to 3.70%.  Economists are now mentioning the word “stagflation” which we have not heard …

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OSFI Tightens Supervisory Expectations for Mortgage Underwriting

The Office of the Superintendent of Financial Institutions (OSFI) issued a letter this morning to all federally regulated financial institutions (FRFI). The letter expresses concern about the rising levels of household debt in Canada and serves to remind FRFIs of their obligations under Guidelines B-20 and B-21 to assess and underwrite mortgage loans and mortgage …

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