Prime drops to 2.95%
Lenders fully pass on to borrowers the Bank of Canada’s second interest rate cut this month in response to the coronavirus. For the full story click here.
(Unscheduled) Bank of Canada reduces overnight rate by 0.50%, Prime may drop to 2.95%
The Bank of Canada has decided to reduce the overnight rate today in an unscheduled announcement. Prime may drop to 2.95% (previously 3.45%). This is great news for variable rate mortgage holders. The next scheduled date for announcing the overnight…
Bank of Canada reduces overnight rate by 0.50%, Prime will decrease to 3.45%
The Bank of Canada has decided to reduce the overnight rate today. Prime will fall to 3.45% (previously 3.95%). This is great news for variable rate mortgage holders. The next scheduled date for announcing the overnight rate target is April…
It’s going to get easier to purchase a home
Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test.” These changes will come into effect on April 6, 2020. The new…
Bank of Canada does not increase overnight rate, Prime will remain at 3.95%
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is January 22, 2020. Press release
Bank of Canada does not increase overnight rate, Prime will remain at 3.95%
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is December 4, 2019. Press release
Bank of Canada does not increase overnight rate, Prime will remain at 3.95%
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is October 30, 2019. Press release
Bank of Canada Reduces Benchmark Rate to 5.19%, previously 5.34%
Good news!! Benchmark rate falls. The Benchmark rate or Qualifying rate ensure borrowers can handle their payments if rates go up. In practice, lenders use the qualifying rate to calculate your debt service ratios. Lenders then check to ensure your…
Bank of Canada does not increase overnight rate, Prime will remain at 3.95%
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is September 4, 2019. Press release