Mortgage Logic

Canada economy

Unscheduled Bank of Canada Rate Cut – Response to Covid-19 Pandemic, March 13, 2020

The Bank of Canada (BoC) just announced an unscheduled Key Rate cut of 0.5% (one half of one percent) in response to the anticipated drag on the economy that will be caused by the Corona Virus (Covid-19). This should immediately affect major FI’s (financial institutions’) Prime rate(s) of interest offered for lending purposes. The new …

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April 18, 2018 – Bank of Canada Announces No Change To Bank Rate

Today the Bank of Canada (BoC) announced that it will be leaving its key rate unchanged at 1.25%. Canadian financial institutions are expected to follow suit and leave their Prime rate of lending at 3.45% Contrary to previous thinking; BoC is not raising rates at the pace they were expecting to. Hesitation has been caused …

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Mortgage Logic Rate Watch – Bank of Canada leaves Key Rate untouched

Today the Bank of Canada (BofC) announced (its fourth of 8 scheduled announcements for the year) that it will not be changing its benchmark key lending rate which directly affects the Prime rate of lending for major FI’s (financial institutions). BofC’s benchmark rate will stay at 0.75% and the Prime rate will likely remain at …

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