Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%.…
Magenta Capital Corporation has notified mortgage brokers that it will suspend new lending until September. Originally I wasn’t going to speak about this, as it was not really public knowledge. Since the Globe and Mail have reported on it, I…
With home prices declining across Toronto and surrounding areas, many buyers are feeling remorse and are still stuck trying to sell their current home. As a buyer, you are legally obligated to follow through with the purchase you agreed…
With the advent of the COVID-19 pandemic, Canada is in the midst of an economic downturn, unlike anything most of us have ever experienced. The Conference Board of Canada’s Provincial Economic Outlook – Preliminary Forecast Spring 2020 shows that Canadian real GDP…
Banks in Canada last month announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID 19. Banks assembled quickly and made a commitment to work with their customers to provide flexible solutions to help them manage through…
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and listings were down sharply between February and March 2020. Highlights: Monthly home sales (CNW Group/Canadian Real Estate Association) National home sales fell 14.3% on a…
With the Bank of Canada dropping its overnight rate again in response to the COVID-19 pandemic, it would seem to be a great time to shop for a new mortgage or mortgage refinancing. This is not the case however as advertised…
Minister Morneau announces a new benchmark rate for qualifying insured mortgages February 18, 2020 – Ottawa, Ontario – Department of Finance Canada For many Canadians, their home is the most important investment they will make in their lifetime. That is why…
Today, financial rate comparison site LowestRates.ca released its 2020 Cost of Living Index, an annual report produced by the company which outlines how much it costs to live in Toronto. The index calculates transportation and housing spending for a number…
Despite technology making it easier than ever to access information, a recent CIBC poll shows that when it comes to major life events, such as getting married, buying a home, or finding a job, many respondents (63 per cent) prefer…
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