Exclusive: 7 in 10 mortgage holders anxious about upcoming renewal, MPC survey reveals
Of mortgage holders facing renewal in the coming 12 months, 69% say they are anxious about the process, marking a seven-percentage-point decrease from last year, according to Mortgage Professionals Canada’s mid-year update of its Semi-Annual State of the Housing Market Report. In total, nearly a third of Canadians expect to renew their mortgage in the […]
Rate Announcement July 12, 2023
The Bank of Canada announced its latest interest rate decision this morning, along with new economic projections. Unsurprisingly, the benchmark rate increased a quarter percent, bringing the central bank’s key rate to 5% and the bank prime rate to 7.2%. Canada’s annual inflation rate fell to 3.4 % in May, but less-volatile measures suggest prices […]
Liberal Housing Minister Sean Fraser says he won’t seek re-election
By Nojoud Al Mallees Fraser made the announcement Monday morning at a news conference in Ottawa ahead of a cabinet meeting and the fall economic statement. His announcement comes as Chrystia Freeland also announced she is leaving her cabinet post as finance minister. He said he came to this decision months ago, while he was […]
Rate Announcement September 6, 2023
Here’s the scoop on the most recent rate announcement. The Bank of Canada announced it’s leaving the overnight target rate unchanged at 5%. This decision was widely expected, keeping the bank’s prime rate at 7.2%. In its statement, the Bank said it made the decision due to “recent evidence that excess demand in the economy is […]
BMO reverses course, reinstates OSFI’s stress test for uninsured mortgage switches
Following OSFI’s removal of the stress test requirement for uninsured switches last month, BMO initially adopted the change but reversed course this week, reinstating the requirement. As a result, borrowers with uninsured mortgages looking to switch to BMO must qualify using the higher of the benchmark rate (5.25%) or their contracted rate plus 2%. WHAT’S […]
Rate Announcement October 25, 2023
We can all relax once more with today’s rate announcement. The Bank of Canada announced it’s leaving the overnight target rate unchanged at 5% for the second time in a row. This decision will keep the Bank’s lending prime rate at 7.2%. A recap over the two past years: In 2022, the Bank of Canada […]
Mortgage Rates Are in a Holding Pattern Until After the Election
Seems pretty clear now that it doesn’t matter what economic data shows up between now and next week. Mortgage rates aren’t going to improve by any significant margin this week or until after the election. Unfortunate for those who need to lock their rate and/or close this week. And the past month for that matter. […]
Housing starts rise from last month, up eight per cent in November: CMHC
The national housing agency says the seasonally adjusted annual rate of housing starts came in at 262,443 units in November, up from 242,207 in October. The increase came as the annual pace of urban starts rose nine per cent to 245,083 in November compared with 224,492 in October. The annual pace of multi-unit urban starts, […]
Rate Announcement December 6, 2023
The Bank of Canada announced it will keep its key interest rate at 5%, with the Bank Rate at 5¼%. This decision will keep the Bank’s prime lending rate at 7.2%. The Governing Council of the Bank of Canada is still worried about risks to inflation and is ready to increase the interest rate further […]
How Did Almost Half of Recent Home Buyers Snag a Mortgage Rate Under 5%?
Everyone knows high mortgage rates have been a total drag lately, especially for prospective home buyers facing extremely high asking prices. But what if I told you that nearly half of those who purchased a home recently still got an interest rate below 5%? Sounds pretty unlikely, given the fact that the 30-year fixed is […]