Did you buy a home last year? As Canadians start to file their 2022 taxes, make sure that you or your friends and family are taking advantage of the First Time Homebuyer tax credit available for qualified ‘first’ home purchases in 2022. Even if you’ve owned a home before, you may be able to claim up to $10,000 for the purchase… Read More »
Bank of Canada raises benchmark rate by 0.25%
Today the Bank of Canada (BoC) raised its key lending rate by 0.25%. This in turn means most banks and consumer lenders will raise their prime rates by the same amount tomorrow. With most lenders, that means their consumer prime rate will increase from 6.45% to 6.70%. This increase directly affects all borrowers with variable or adjustable rate mortgages and… Read More »
Bank of Canada raises benchmark rate by 0.50%
Today the Bank of Canada (BoC) raised its key lending rate by 0.5%, meaning most banks and consumer lenders will raise their prime rates by the same amount tomorrow. With most lenders, that means consumer prime rates will increase from 5.95% to 6.45%. The prime rate increase will directly affect all borrowers with variable or adjustable rate mortgages and lines… Read More »
Bank of Canada raises benchmark rate by 0.50%
This week the Bank of Canada (BoC) raised their key lending rate by 0.5%, meaning most banks and consumer lenders will raise their prime rates by the same amount. With most lenders, that means prime rates will increase from 5.45% to 5.95%. The prime rate increase will directly affect all borrowers with variable or adjustable rate mortgages and lines of… Read More »
Inflation Continues to Cool: What does it mean for my mortgage?
The August inflation data have been released, and it has some good news for anyone with a variable rate mortgage or debt on a Line of Credit; for the second month in a row, the rate of inflation has decreased. August’s inflation rate fell to 7% on an annualized basis, down from 7.6% in July and from the peak of… Read More »
Some Good News for Variable Rate Mortgages
If you have a variable rate mortgage, you’ll be very aware of the Bank of Canada (BoC) Prime Rate increases that have happened in quick succession over the last 4 months. The BoC is fighting a battle against inflation driving up prices and wages across the country. Rocketing inflation was initially started by pandemic supply chain issues causing shortages of… Read More »
Prime Rate Increasing by 1%
Today the Bank of Canada (BoC) announced a Prime rate increase of 1% (most economists were forecasting a rate increase of 0.75%), from the previous rate of 1.5% up to 2.5%. The BoC acknowledged that the increase was aggressive, but indicated they decided that it was appropriate to front-load their interest rate increases (move up the timeline on some of… Read More »
Interest Rates and Inflation Troubles
The Bank of Canada (BoC) is next meeting on Jul 13, 2022 and at the moment it looks likely that it will raise the Prime interest rate by another 0.5% to 0.75%. A 0.75% Prime rate increase will mean that people with variable rate mortgages will see their payments increase by $40/month for every $100,000 of mortgage debt (so a… Read More »
Bank of Canada Rate Announcement – June 2022
On June 1st the Bank of Canada (BoC) increased the Prime Rate 1% to 1.5%, an increase of 0.50% that was widely anticipated by the markets. For consumer banks and mortgage lenders, this means they will be raising their consumer Prime rates from 3.2% up to 3.7% on all variable and adjustable rate mortgages as well as Lines of Credit.… Read More »
Prime Rate now expected to increase aggressively through 2022. Should I lock in?
The Bank of Canada (BoC) will be meeting next on Wednesday April 13, 2022, and in the last couple of weeks its senior officials have been giving speeches indicating that we should brace for faster and larger Prime Rate increases than they predicted earlier this year. Inflation numbers are coming in stronger than expected and the BoC is going to… Read More »
