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/