The Bank of Canada decided not to raise interest rates on Tuesday. They kept their overnight rate at 1%. On Wednesday the BoC spoke more about the state of the Canadian economy. The newspapers and economist dissected the works of Mark Carney and determined that he removed the word “eventually” from his comments about when [...]
When it comes to interest rates on mortgages in Canada, the variable rate is dependant on the Bank of Canada lending rate. If this rate goes up, then variable mortgages rates will increase. Fixed rate mortgage rates are more dependant on the bond market. Fixed mortgage rates will typically not immediately increase based on movements [...]
Rates: 1yr 2.44% (0.00%) 2yr 3.09%% (+ 0.05%) 3yr 2.90% (- 0.54%) 4yr 3.79% (0.00%) 5yr 3.69% (- 0.10%) 3yr variable closed (Prime – .75%) = 2.00% 5yr variable closed (Prime – .65%) = 2.10% Although we still experience a decline in mortgage rates be prepared for the prime rate to go higher before the [...]
The Bank of Canada announced a quarter-point hike in its key interest rate this week, and warns that more increases are still to come. By early 2008, the Bank projects interest rates will increase another three-quarter points, bringing the overnight rate to 5.25. The current rate is now 4.5. This is bad news for mortgage-holders, [...]
Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.