Effective June 1, government increases stress test rate, both for insured (low downpayment) and uninsured mortgages. Translates to a reduction in buying power by approximately 4 to 4.5%. Mad rush to submit offers before deadline, this will be messy. Probably creating even more bumps in prices. Consensus opinion is this does nothing for helping first […]

Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, adjusts quantitative easing program. “There is still considerable excess capacity, and the recovery continues to require extraordinary monetary policy support. We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed. […]

Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing. Continues to projects absorption of economic slack will not happen until into 2023. “Despite the stronger near-term outlook, there is still considerable economic slack and a great deal of uncertainty about the evolution of the virus […]

Despite some rumblings of possible ‘microcuts’, Bank of Canada maintains the rate steady. Your variable rate mortgage remains unchanged. Rates should be low for some time, 2023 is maintained as the current estimate. “The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current […]

Not surprising. Bank of Canada maintains the rate steady. Your variable rate mortgage remains unchanged. Rates should be low for some time, 2023 is the current estimate. “To reinforce this commitment and keep interest rates low across the yield curve, the Bank will continue its quantitative easing program until the recovery is well underway and […]

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 […]