There is unfortunately no limit as to high the prime rate can go in Canada. Take for example the situation in the 1980′s, when the country fell into recession and the prime lending rate jumped to more than 20%. The Bank of Canada’s need to adjust the prime rate depends on complex market forces and [...]
In: Mortgage News
19 Sep 2011No indication of rates increase as the rates sit tight at 3.19% for 5 year fixed mortgages. The lowest in Canada’s history. I would urge everyone to lock their mortgages now to take advantage of these low rates before the Bank of Canada will start increasing the prime rate again. Rates: 1yr 2.89% 2yr 2.99% [...]
In: Mortgage News
25 Aug 2010Rates: 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 [...]
In: Mortgage News
9 Aug 2010Two of Canada’s biggest lenders have cut their posted fixed mortgage interest rates, and economists predict rates may drop even further. The Royal Bank of Canada led the charge, announcing yesterday that its five-year lending rate would be cut to 5.59%, down a tenth of a percentage point. The Bank of Montreal quickly followed suit, [...]
The prime rate (also known as the benchmark rate, or the overnight lending rate) was just increased by one basis point or 0.25% on June 1st, pretty much right on target with predictions. This will increase variable mortgage interest rates; fixed mortgage interest rates follow the bond market, and have already been inching upward from [...]
In: Real Estate News
12 Jul 20101yr 2.54% ( 0.00%) 2yr 2.95% (-0.10%) 3yr 3.49% ( 0.00%) 4yr 4.09% (-0.05%) 5yr 3.99% ( 0.00%) 3yr and 5yr variable closed (Prime – .60%) = 1.90%
In: Real Estate News
22 Jan 2008The 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 [...]
In: Real Estate News
19 Sep 2007Yesterday’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.