Usually variable rate mortgages will increase in step with the prime rate, going up and down by as much as the prime rate.
This week has been a busy week for Canadian Banks. It started with Royal Bank’s announcement that they are raising their variable rate mortgage rate by 20 basis points (1/5th of 1%). The week continued with the Bank of Montreal reporting that profit increased by 8%, followed by National Bank reporting that they increased their [...]
There seems to be a shift in thinking for our young Canadians. A recent study conducted by RBC found that 55 per cent of legal age Canadians under 35 are considering holding off on a home purchase till next year. This result is 10 percentage points above the national average. For many their main argument [...]
When talking about the future of rates there are many factors to consider among them are the local economy, world economy, Bond Markets, World Markets, and current political climate. But predicting the future of rates is like predicting where a helium balloon will end up if you let it go. You got a general idea [...]
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 Central Bank announced a .25 per cent cut to its overnight lending rate today in reaction to the slowdown in the US economy, with the major banks quickly falling in line. The prime lending rate now stands at 5.75%, and further cuts are expected to follow as the global economy responds to the US [...]
Yesterday’s announcement of a cut to a key US interest rate is unlikely to be mirrored in Canada, say financial experts, as the loonie soars and the Canadian housing market holds strong. The U.S. Federal Reserve announced a half-point cut to its federal funds rate on Tuesday, in hopes of avoiding a nation-wide recession. The [...]
Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.