To Lock in or Not to Lock in? That is the Question. Locking into a fixed-rate mortgage has been a hot topic. It’s without a doubt that since the beginning of 2022 the mortgage world has fluctuated and caused quite a stir amongst Banks, Private Lenders, Mortgage Brokers, and Mortgage … Read More
The Latest Bank of Canada Rate Increase and its Effects on Housing Affordability.
The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1.25% and the deposit rate at 1%. Housing affordability has been a long-run Canadian concern. Since its last announcement in March, the Bank continues to set its course for increased Quantitative … Read More
Top Canadian Banks Are Raising Their Prime Rates
Major banks have decided to raise their prime rates to compensate for the rise in the cost of borrowing money. The top 5 banks, Scotiabank, CIBC, BMO, RBC, and TD have all raised their prime rates to 2.7% from its past 2.45%.
The Bank of Canada (BOC) has raised the overnight rate for the first time since October 2018.
The Bank of Canada today increased its target for the overnight rate to 0.5% from its previous 0.25% where it has been since March 2020. This change will roughly equate to an increase of $12 per every $100,000 borrowed, depending on the Lender. The Bank is continuing its reinvestment phase, keeping … Read More
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