Bank of Canada maintains the rate steady. This means your variable rate mortgage remains unchanged. Will hold the policy interest rate at the effective lower bound until economic slack is absorbed. ‘In our current projection, this does not happen until into 2023.’ Next scheduled announcement is Dec 9.

Bank of Canada maintains the rate steady. This means your variable rate mortgage remains unchanged. States that it will hold rate at the effective lower bound, until economic slack is absorbed and the inflation target is sustainably achieved. Sounds like rate is not going anywhere. Next scheduled announcement is Oct 28.

Benchmark ‘stress test’ qualifying rate drops by 0.15% to 4.79%. Means you can qualify for about $5K more average mortgage. Small gesture move, but hopefully moving towards more realistic rate. “The tests are designed to ensure borrowers will be able to continue to afford their mortgage payments in the event of a future interest rate […]

Bank of Canada maintains the rate steady. This means your variable rate mortgage remains unchanged.  The announcement states clearly, this rate is the effective lower bound, will stay until inflation marker reached, and quantitative easing will continue. “As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support.   This […]

Further the to CMHC announcement last week about insured mortgage criteria, Genworth confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. Shortly thereafter, Canada Guaranty also confirms that no changes to underwriting policy are contemplated as a result of recent […]

Bank of Canada maintains the rate steady. This means your variable rate mortgage remains unchanged.  Admits that the outlook remains ‘heavily clouded’, however, states that the current programs are improving market function. ‘Impact of the COVID-19 pandemic on the global economy appears to have peaked, although uncertainty about how the recovery will unfold remains high. […]

Bank of Canada maintains the rate steady. Your variable rate mortgage remains unchanged. Admits that the outlook remains ‘heavily clouded’, however, states that the current programs are improving market function. ‘Impact of the COVID-19 pandemic on the global economy appears to have peaked, although uncertainty about how the recovery will unfold remains high. The Bank’s […]