mortgage rates: What the Bank of Canada did with the rate today
- 07/21/09 02:51 AM
Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010 OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. The global economy has suffered an intense, synchronous recession and considerable excess supply has opened up. There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures … (0 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent
- 04/21/09 02:38 AM
Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent and, conditional on the inflation outlook, commits to hold current policy rate until the end of the second quarter of 2010 OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent, which the Bank judges to be the effective lower bound for that rate. The Bank Rate is correspondingly lowered to 1/2 per cent. The deposit rate - the rate paid on deposits held by financial institutions at the Bank of Canada … (3 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/2 percentage point to 1/2 per cent
- 03/03/09 12:55 AM
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3/4 per cent. The outlook for the global economy has continued to deteriorate since the Bank's January Monetary Policy Report Update, with weaker-than-expected activity in major economies. The nature of the U.S. recession, with very weak auto and housing sectors, is particularly challenging for Canada. Stabilization of the global financial system remains a precondition for the global and Canadian … (3 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/2 percentage point to 1 per cent
- 01/20/09 12:58 AM
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 1 1/4 per cent.The outlook for the global economy has deteriorated since the Bank's December interest rate announcement, with the intensifying financial crisis spilling over into real economic activity. Heightened uncertainty is undermining business and household confidence worldwide and further eroding domestic demand. Major advanced economies, including Canada's, are now in recession and emerging-market economies are increasingly affected. Energy prices have fallen … (0 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 3/4 percentage point to 1 1/2 per cent
- 12/09/08 01:33 AM
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by three-quarters of a percentage point to 1 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 1 3/4 per cent. The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated. Global financial markets remain severely strained. Measures taken by major governments are beginning to encourage credit flows, although it will take some time before conditions in financial markets normalize. In addition, … (0 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/4 percentage point to 2 1/4 per cent
- 10/21/08 01:38 AM
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/2 per cent. Three major interrelated developments are having a profound impact on the Canadian economy. First, the intensification of the global financial crisis has led to severe strains in financial markets. The associated need for the global banking sector to continue to reduce leverage will restrain growth for some time. Second, the global economy … (0 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/2 percentage point to 2 1/2 per cent
- 10/08/08 01:19 AM
Central Banks Announce Coordinated Interest Rate Reductions Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets. Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability. Some easing of global monetary … (1 comments)
mortgage rates: Bank of Canada keeps overnight rate target at 3 per cent
- 09/03/08 02:16 AM
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent. The three global developments highlighted in the July Monetary Policy Report Update continue to have a major influence on the Canadian economy. Two of them - the course of the U.S. economy and the ongoing turbulence in global financial markets - have evolved broadly in line with the Bank's expectations. However, there is an increased risk of a more pronounced interplay between … (0 comments)
mortgage rates: Mortgage Intelligence Achieves Early Compliance of New Mortgage Industry Act for Ontario
- 07/03/08 01:31 AM
Mortgage Intelligence's consultants now fully compliant with Ontario's new Mortgage Brokerages, Lenders and Administrators Act, 2006 - June 30, 2008, Toronto, ON - Mortgage Intelligence is pleased to announce that as of June 15, 2008 the organization and its network of 397 independent consultants in Ontario are fully compliant with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), which comes into effect on July 1, 2008. "Our achievement of early compliance truly demonstrates Mortgage Intelligence's commitment to set the standard for best practices within the Canadian mortgage brokerage industry," said Mark Moreau, President of Mortgage Intelligence. "We continue to equip our … (0 comments)
mortgage rates: Bank of Canada keeps overnight rate target at 3 per cent
- 06/10/08 01:34 AM
OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent. Since the April Monetary Policy Report (MPR), economic developments have been broadly in line with expectations. However, the balance of risks to the Bank's April projection for inflation in Canada has shifted slightly to the upside. Although the composition of U.S. growth has not been favourable for demand for Canadian goods and services, overall, global growth has been stronger and … (0 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/2 percentage point to 3 per cent
- 04/22/08 01:55 AM
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 1/4 per cent. Growth in the global economy has weakened, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated as buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by … (5 comments)
mortgage rates: Because knowing more about mortgages can save you thousands of dollars
- 04/14/08 01:00 PM
www.FreeMortgageReports.ca offers the Canadian Consumer access to all the information they need to you know about mortgages, because knowing more about mortgages can save you thousands of dollars. Unlike some mortgage websites where they provide similar reports, only to harvest your name, phone number and email address, I am pleased to provide these mortgage reports free of charge and without obligation. Why? I am confident that once you have reviewed some of the valuable information available, you will not hesitate to refer family, friends and co-workers to our website and our mortgage services. Whether you are looking to purchase a resale or your first home, mortgage renewal or renovating, improving your monthly cash flow by consolidating debts, purchasing … (0 comments)
mortgage rates: Spring-cleaning your debt could save you thousands
- 03/30/08 02:36 AM
Wouldn't spring-cleaning be so much more gratifying if - somewhere under dusty barbecue parts and outgrown hockey skates - you found an envelope with, say, $5000 in cash? Wouldn't that make spring-cleaning worthwhile? Of course it would!Well, you may not uncover a financial windfall when you're cleaning the garage this spring, but a little time and attention to the task of spring-cleaning your financial house can be very rewarding. This spring, dust away the cobwebs and take a hard look at your debt servicing costs.Are you continuously carrying a large monthly balance on your credit card? Or are you making regular … (0 comments)
mortgage rates: Bank of Canada lowers overnight rate target by 1/2 percentage point
- 03/05/08 10:49 AM
OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of one percentage point to 3 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 3/4 per cent.Information received since the January Monetary Policy Report Update (MPRU) indicates that economic growth in Canada through the four quarters of 2007 was broadly in line with expectations. Domestic demand has remained buoyant, as rising commodity prices and high employment have continued to support income growth. Canada's net exports weakened further in the fourth … (0 comments)
mortgage rates: Canada's real estate scene is showing no sign of the weakness despite the US Market
- 11/21/07 12:38 AM
Canada's real estate scene is showing no sign of the weakness sweeping through the U.S. market, as sales and prices continue to rise.The average resale price in 24 major markets jumped $5,000 from September to October, to $333,544, according to figures from the Canadian Real Estate Association (CREA). That's a rise of 10.6 per cent from last October - the sixth month in a row of double-digit year-over-year price gains. The country's priciest real estate continued to be found in Vancouver, where the average resale price jumped $8,000 from September to reach $590,577 in October - up 7.8 per cent from a year earlier. Alberta's cities used … (3 comments)
mortgage rates: Are mortgage rates on the decline?
- 11/19/07 08:35 AM
Loonie loses ground in wake of Dodge statements to The Canadian Press TORONTO - The Canadian dollar lost some ground this morning after Bank of Canada governor David Dodge raised the possibility of an economy-boosting interest rate cut during the weekend. The currency declined 0.65 of a cent to 102.04 cents (U.S.). The dollar has been on a steady decline since hitting a record high of just over 110 cents earlier this month. Mr. Dodge, in South Africa during the weekend for a meeting of the Bank for International Settlements, said there is less optimism than there was a month ago "that … (2 comments)
mortgage rates: Finance renovations or Purchase a home and make immediate improvements
- 11/11/07 10:33 PM
Whether you do it to improve safety, save energy, add more comfort or simply to enjoy a fresh new look, renovating has never been more popular. According to CMHC's 2007 Renovation and Home Purchase Report, last year more than $17.3 billion was spent on home renovations. In 2007, 46 per cent of homeowners surveyed plan on renovating their home and each household expects to spend an average of $11,270. While most renovations are paid through cash, credit card, and lines of credit, larger scale renovation projects may be facilitated through mortgage financing. Mortgage loan insurance, available to CMHC Approved Lenders, is mostly known for … (2 comments)
mortgage rates: 81 per cent of Canadians satisfied with their mortgages
- 11/08/07 11:50 PM
Canadian Association of Accredited Mortgage Professionals survey shows longer amortization and flexible terms keep mortgage industry buoyant The vast majority of Canadians (81 per cent) are happy with the terms of their mortgages thanks in large measure to "good interest rates" and longer amortization options, according to a report released today by the Canadian Association of Accredited Mortgage Professionals (CAAMP). Significantly, thirty seven per cent of Canadians who have taken out a mortgage in the last year have chosen amortization periods of more than 25 years. The information was gathered by Maritz from an online survey of 2,000 Canadians in late September … (2 comments)
mortgage rates: City of Toronto: New Taxation Measures
- 10/26/07 04:03 AM
Land Transfer Tax ImplementationOn October 22, 2007, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008. More details on implementation will be available at Executive Committee on October 29, 2007. For all purchasers: one-half of one percent of the value of the consideration on sales up to and including $55,000;one per cent of the value of the consideration on sales exceeding $55,000 up to and including $400,000; two per cent of the value of the consideration of land containing one and/or two single family residences exceeding $400,000;one and a half per cent of the … (3 comments)
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