Kim Stenberg, Mortgage Broker - Dominion Lending Centres Maximal Mortgages

04/16/2025

‼️ATTENTION VARIABLE RATE MORTGAGE CUSTOMERS‼️ NO rate change from the Bank of Canada today -- but further cuts are expected this year (if you're in a FIXED rate mortgage -- these Bank of Canada announcements do not apply). The BoC's next announcement is scheduled for Wednesday, June 4.
🇨🇦
Read the full commentary here: https://kimstenberg.ca/latest-news/bank-of-canada-holds-rate-steady-in-the-face-of-tariff-uncertainty-more-rate-cuts-coming/

12/12/2024

Exciting news for variable rate mortgage customers, as the Bank of Canada slashed their policy rate by another 0.50% -- Prime rate has now dropped to 5.45%. This was the last rate decision of 2024, the next rate announcement is scheduled for Wednesday, January 29, 2025.

The BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.25%. The market had priced in nearly 90% odds of a 50 bp move, where consensus coalesced. The combined slower-than-expected GDP growth and a sharp rise in the Canadian unemployment rate to 6.8% triggered th...

09/04/2024

Good news for variable rate mortgages and lines of credit as the BoC cut its overnight interest rate by another 0.25% today! This is the third cut since June, and with we anticipate more at the next 2 meetings left this year -- October 23 and December 11.

Today, the Bank of Canada cut the overnight policy rate by another 25 basis points to 4.25%. This is the third consecutive decrease since June. The Bank’s decision reflects two main developments. First, headline and core inflation have continued to ease as expected. Second, as inflation gets close...

08/21/2024

The most recent inflation reading is good news for the Bank of Canada, giving them leeway for another rate cut next week, and likely two more before the end of 2024!

More Good News on the Canadian Inflation Front Inflation in Canada decelerated once again in July to its slowest pace in three years, assuring the central bank will cut rates for the third consecutive meeting on September 4. The US is also widely expected to begin easing monetary policy at its Septe...

05/23/2024

The case for interest rate cuts from the Bank of Canada continues to build. The central bank has every reason to cut rates at their next meeting on June 5 -- will we see a cut or will they wait until the July meeting to take action?

The Consumer Price Index (CPI) rose 2.7% year-over-year (y/y) in April, down from 2.9% in March. This marks the fourth consecutive decline in core inflation. Food prices, services, and durable goods led to the broad-based deceleration in the headline CPI. The deceleration in the CPI was moderated by...

05/16/2024

Canadian Real Estate Association (CREA) has released April 2024 stats -- national home sales dipped from its prior month, as the number of properties available for sale rose sharply to kick off the spring housing market. Upcoming CPI data for April will be released on May 21 - crucial data for the Bank of Canada.

The Canadian Real Estate Association (CREA) announced today that national home sales dipped in April 2024 from its prior month, as the number of properties available for sale rose sharply to kick off the spring housing market. Home sales activity recorded over Canadian MLS® Systems fell 1.7% betwee...

05/10/2024

Today's StatsCanada Labour Force Survey blindsided economists by coming in much more robust than expected! We await more important economic data before the Bank meets again on June 5th.

Today’s StatsCanada Labour Force Survey for April blindsided economists by coming in much more robust than expected. Employment in Canada rose a whopping 90,400 in April, the most in 15 months, following a decline in March, surpassing forecasts by a large margin. Substantial job gains were posted ...

04/15/2024

Tomorrow will be a big day for economic news as March inflation data will be released. Pent-up demand for housing rising with every rent increase, the spring housing season is likely to be robust - even before the central bank cuts interest rates!

Ho Hum Housing Data in March Provides Hints of Coming Strength in Spring The Canadian Real Estate Association (CREA) announced today that national home sales for March were roughly flat, while new listings fell and prices stagnated. CREA analysts are confident that recent activity will harken strong...

04/10/2024

BANK OF CANADA RATE DECISION: no change, overnight target rate remains at 5.00% today (Prime lending rate 7.20%) . This is the Bank's sixth consecutive rate hold; expectations are that rate cuts will be coming by middle or second half of 2024. The next rate announcement is scheduled for June 5, 2024, stay tuned!

The Bank of Canada Cautious, but a Rate CUT in June is Possible Today, the Bank of Canada held the overnight rate at 5% for the sixth consecutive meeting and pledged to continue normalizing its balance sheet. Governor Macklem confirmed that inflation is moving in the right direction, labour markets....

04/08/2024

The Canadian job market was much weaker than expected. The Bank of Canada meets again on Wednesday - is a rate cut in the cards?

The StatsCanada Labour Force Survey for March is much weaker than expected. Employment fell by 2,200, and the employment rate declined for the sixth consecutive month to 61.4%. Total hours worked in March were virtually unchanged but up 0.7% compared with 12 months earlier. The details were similar....

03/19/2024

The spring housing season is likely to be robust! There is significant pent-up demand for housing owing to strong population growth, rent increases, and first-time homebuyers' fears that prices will rise sharply once the Bank of Canada cuts interest rates (we believe the BoC will begin reducing the policy rate in June).

February data bode well for a strong spring housing market The Canadian Real Estate Association announced today that national home sales dipped 3.1% m/m in February while home prices were flat, ending a five-month price decline that began last fall. It was noteworthy that prices remained unchanged f...

03/06/2024

BANK OF CANADA RATE ANNOUNCEMENT: As widely expected, the Bank has left its overnight target rate unchanged at 5.00% today. This the Bank's fifth consecutive rate hold, though expectations are rising that rate cuts will be coming by the middle or second half of 2024. The next rate announcement is scheduled for April 10, 2024.

Today, the Bank of Canada held the overnight rate at 5% for the fifth consecutive meeting and pledged to continue normalizing the Bank’s balance sheet. Policymakers remain concerned about risks to the outlook for inflation. The latest data show that CPI inflation fell to 2.9% in January, but year-...