Bank of Canada Leaves its Key Rate Alone and Bond Rates Seemed to Have Peaked On March 1st the Bank of Canada (BoC) decided to leave their key overnight lending rate alone, thus influencing the Prime interest rate the same. It does not seem likely that the BoC will raise rates anytime soon especially given the […]
Going Overboard, Who Is Captain Of Canadian Mortgage Ship? Today the Canadian Finance Minister (Flaherty) announced additional tightening of rules for government backed (insured) mortgages. Last April 2010 he introduced rules that effectively reduced the ability for Canadians to leverage their homes and revenue properties. Today he focused solely on Canadians’ homes. The three sweeping
Finance Minister Tightens Insured Mortgage Rules Again In Less Than A Year Read More »
The Bank of Canada (BoC) today announced that they will be leaving their Key Overnight Lending Rate at 1% therefore influencing the Prime lending rate with major institutions to stay the same at 3%. This is the second announcement in a row that BoC has done so. The bottom line is that because inflation seems
Bank of Canada Announces No Change to Bank Rate Read More »
The Bank of Canada is concerned about the strong Canadian dollar affecting the pricing of goods and services to export customers. The U.S. economy remains sluggish and foreclosures of residential properties there remain very high. Economist generally believe that a consumer led expansion will be the only true way out of recession in the U.S.
Bank Rate Watch: What Will the Bank of Canada decide? Read More »
Bank of Canada leaves rate as is, although it signaled that they will begin raising it sooner than later, i.e. June rather than July 2010. The extent and timing of increases will depend upon the economic outlook, and more specifically targeting a 2% inflation rate. There are three considerable reasons existing why the bank rate
Bank Rate/Variable Rate Watch Read More »
Today Jim Flaherty (Finance Minister) announced amended rules on insured mortgages which will take effect on April 19, 2010. 1.) Clients who chose a variable (or adjustable rate) mortgage will need to be qualified on a five year fixed rate. Currently there are no lenders in the market that qualify borrowers on the variable rate
Canada Amends Rules on Insured Mortgages Read More »
The Canadian housing market has sprinted into a new year at top speed. Existing home sales reached the highest level ever for a December in 2009. As per the Canadian Real Estate Association (CREA), December 2009 residential sales were 27, 744 units, which is 72% higher than December 2008. Last year CREA reported the lowest
Busy December Home Sales Sets Canadian Record Read More »
OTTAWA — The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. The global economic recovery is under way, supported by continued improvements in financial conditions and stronger
Bank of Canada Maintains Overnight Rate Target at 1/4 per cent Read More »
Steve Ladurantaye, Tara Perkins, and Bill Curry The housing market that led Canada out of recession is now so hot that Ottawa is talking about doing something to cool it off, a move economists say carries risks for the economy. Fuelled by record low interest rates, residential real estate prices have gained 20 per cent this
Cure for Housing Market Carries Risk Read More »
OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. While significant fragilities remain, global economic developments have been slightly more positive and the global outlook has improved modestly relative to the
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