Elham Mafi

12/06/2023

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 is “still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed.”

10/26/2023

Bank of Canada holds key interest rate at 5%, keeps door open to more rate hikes.

09/06/2023

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%. The Bank is also continuing its policy of quantitative tightening.

07/12/2023

Bank of Canada hikes interest rate to 5%, warning inflation could linger
Lending rate highest in 22 years😖😖😖

03/09/2023

Finally a good news announced. Hope to see interest rate down soon !

02/09/2023

Bank of Canada releases details on interest rate decision for the first time!

01/01/2023

12/07/2022

EXPERT MORTGAGE TIPS:

Insured mortgages through CMHC may offer lower rates than an uninsured mortgage! Why? Because insured mortgages are already protected through insurance premiums, lenders may offer lower interest rates to help minimize the financial impact to the borrower. Contrastingly, lenders may offer slightly higher interest rates to uninsured mortgages as a means of protection in case the uninsured borrower shortfalls on payments.

To learn more about insured mortgages, we have all your answers!

12/07/2022

This is the Bank’s 7th consecutive rate hike and was expected by markets in battle against inflation.

The Bank of Canada raised its benchmark interest rate by 50 basis points, to 4.25 per cent.

The move was widely expected by economists, who were anticipating a rate hike of either 25 or 50 points.

The next scheduled date for announcing the overnight rate target is January 25, 2023.

12/02/2022

According to research from Ratehub.ca, the Bank of Canada is expected to increase the key overnight rate by 25 points to 50 points.

“The impact will be felt first by Canadians with variable-rate mortgages that do not have fixed payments and those who carry a balance on a home equity line of credit (HELOC),” said Ratehub.ca CEO James Laird in a statement. “This group will have their payments adjust immediately to reflect the full impact of the rate hike.”

The announcement anticipated on December 7 could be the seventh Bank of Canada interest rate hike of 2022. The last one came in October and the interest rate went up to 3.75%. The Bank attributed inflation to the decision.

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11/28/2022

Need Mortgages!!!
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11/12/2022

High inflation and rising interest rates are keeping would-be homebuyers on the sidelines, further driving down home sales in most metro areas.

Home sales in both Toronto and Vancouver are well off their highs from last year, down 49% and 46%, respectively.

“There is no doubt that the sharp increases in the Bank of Canada’s policy rate and a stagnating labour market in 2022 have cooled residential activity in major urban centres in recent months,” National Bank of Canada economist Daren King wrote in a research note.

“In such a context, many buyers are probably hesitant to transact given the current uncertainties,” he continued. “With the central bank intending to push monetary policy further into restrictive territory in December, we believe sales to continue to weaken over the next few months.”

However, a continuing decline in new inventory in most markets has also helped to provide some support for home prices in recent months.

“The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months,” noted the report from the Toronto Regional Real Estate Board.

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