Today the Bank of Canada (BoC) announced that it would keep the overnight Prime lending rate unchanged for the next 6 weeks. The BoC’s overnight lending rate is currently at 4.5%. You can find our best mortgage rates here. Variable Rate Analysis It was largely expected for the BoC to leave Prime unchanged at this meeting, after the BoC indicated… Read More »
Fixed Rates on the Rise!
Fixed rates are moving up – if you’re thinking of buying in the spring, you should get pre-approved and lock in a rate hold now. January’s inflation numbers came out for the U.S. today, and while they did show a slight decrease from December on most measures, the decrease was less than many banks and investors were hoping to see.… Read More »
Remember to Claim Your First Time Homebuyers Tax Credit
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 »
