DLC Niagara's Mortgage Brokers

12/12/2024

More great news in the mortgage world yesterday. Bank of Canada dropped rates by another .50%

09/04/2024

Another Rate Drop of 0.25%!!
Prime is now 6.45%.

07/24/2024

Great news another bank of Canada rate cut!!!!
Your variable rate mortgage just dropped by .25%

The Bank of Canada cut its key interest rate to 4.5 per cent on Wednesday, a move that was widely expected by economists.

06/05/2024

It's about time.!!!
Rates fell .25% today for your variable rate mortgages and Lines of Credit.

04/10/2024

The Bank of Canada today held its target for the overnight rate.

03/06/2024

Bank of Canada held the overnight lending rate.

https://www.bankofcanada.ca/2024/03/fad-press-release-2024-03-06/?utm_campaign=BoC%20Announcements&utm_medium=email&_hsmi=297073536&_hsenc=p2ANqtz-_1MXlfYjF-26RbwqM45rZqVrqcAdlGg0nMjAURQgmRpWMpNvjPh56jw0DXRLmfVi4KYQFzI_Hezntln8bZBVSzw5Khxg&utm_content=297073536&utm_source=hs_email

12/06/2023

The Bank of Canada leaves interest rates unchanged again


For the third consecutive meeting, the Bank of Canada has left its key lending rate unchanged at 5.00%.

This follows 10 previous rate increases over 12 rate announcements, which has raised the overnight target rate by 4.75% since March 2022.

In its statement, the Bank said that while high-interest rates have restrained consumer spending and that economic growth stalled in the third quarter, it is “still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed.”

The Bank added it wants to see “further and sustained easing in core inflation.”

What happens now?

Today’s decision means there will be no change to the prime rate and no changes to existing variable-rate mortgages. This announcement also has no impact on fixed-rate mortgage holders.

The Bank’s next announcement will take place January 24, 2024.

If you have any questions or concerns about the rise in borrowing costs over the past year, I encourage you to reach out so we can discuss your personal situation and options.

· Read the Bank of Canada’s full statement here. https://www.bankofcanada.ca/2023/12/fad-press-release-2023-12-06/

10/25/2023

The government maintains the variable rate today. No increase to the prime interest rate!!

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%.

09/06/2023

The Bank of Canada has left its overnight target rate unchanged at 5.00%, as was widely expected by markets.

In its statement, the Bank said it made the decision due to “recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy.”

The next rate announcement is scheduled for Wednesday, October 25.

https://www.bankofcanada.ca/2023/09/fad-press-release-2023-09-06/

06/07/2023

Another increase in our Variable Rates - 0.25% jump up

The Bank of Canada has hiked its overnight target rate by 25 basis points to 4.75%.

The move was partially expected by markets and marks the Bank’s first rate hike since January.

In its statement, the Bank said that with consumption growth “surprisingly strong” and an uptick in inflation in April, it determined that “monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.”

The Bank said it will “continue to assess the dynamics of core inflation and the outlook for CPI inflation.”

04/12/2023

The Bank of Canada has once again left its overnight target rate unchanged at 4.50%.

This is the Bank’s second rate hold this year and was fully expected by markets.
In its statement, the Bank said it “continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures and remains prepared to raise the policy rate further if needed to return inflation to the 2% target.”

In its latest Monetary Policy Report, the Bank said it expects CPI inflation to fall from its current level of 5.2% to around 3% by mid-2023 and to the Bank’s 2% target by the end of 2024. GDP growth is expected to be just 1.4% this year and 1.3% in 2024.

The next announcement will take place June 7.

The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.