line of credit: Bank of Canada Cuts Rate to 0.50%
- 03/03/09 04:31 AM
The Bank of Canada cut its lending rate today by half point to 0.50%, the lowest level ever. The decrease was inline with most economists expectations. Various Canadian Banks followed this announcement by cutting their Prime Rate by 0.50% to 2.50%. The Bank of Canada also stated that its latest projections for the Canadian economy now look optimistic in the light of the latest economic data.
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line of credit: Bank of Canada cuts Interest Rate to 1.00%
- 01/20/09 01:04 AM
Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations. The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958. In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.
Gina Burgio, Mortgage Agent … (4 comments)
line of credit: Interest Rate Expected to Reach Record Low
- 01/15/09 05:43 PM
Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%. European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.
line of credit: RRSP Loans
- 01/14/09 12:54 AM
Recent post found regarding RRSP Loans. I have included the link below. Thanks Carolyn Moshtagh for the post! Click Here for the Link. Don't forget the March 2, 2009 RRSP deadline.
Each VERICO Broker is an independent owner operator.
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line of credit: Interest Rate Cut to Lowest Since 1694
- 01/08/09 12:00 AM
The Bank of England has cut its overnight lending rate by half point to 1.5%, the lowest since the central bank was founded in 1694. Many economists believe that the Bank of England will cut rates below 1.0% by the second quarter. The central bank reduced the interest rate by 1.5 percentage points in November and by 1 percentage point in December.
Each VERICO Broker is an independent owner operator.
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line of credit: Interest Rate Lowered to 1.50%
- 12/09/08 01:14 AM
The Bank of Canada on Tuesday cut its key lending rate by 75 basis points to 1.50%, more than many economists had expected. This is the lowest since 1958. Lower interest rates, if passed on by the commercial banks, encourage businesses and households to borrow and spend for expansion and consumer goods, thereby stimulating economic activity. The interest rate cut today by the Bank of Canada was this biggest cut since October 2001. The record low for Canada's key rate was 1.12 percent in 1958, a time when it was based on treasury yields rather than actions by policy makers. The … (2 comments)
line of credit: Bank of Canada Excepted to Lower Interest Rates
- 12/08/08 01:06 PM
Bank of Canada is expected to lower interest rates this Tuesday... many economists are forecasting a half-point chop to their bank rate to 1.75 per cent, the lowest since 1960. Interbank funding spreads have narrowed by more than half since mid-October. This is making it possible for banks to pass on the central bank rate cut to customers in the form of lower prime rates. Prime rates are the rates for loans to banks' best corporate borrowers and are the base for lending on everything from mortgages, lines of credit, consumer loans and car loans.
Gina Burgio, Mortgage … (1 comments)
line of credit: Grand Opening Announcement - Ancaster, Ontario
- 11/12/08 05:41 PM
I am pleased to announce that the grand opening of our Ancaster office is scheduled for December 1, 2008. The new office will be located at 911 Golf Links Road in the Meadowlands area of Ancaster, Ontario. We are excited about the opening of this new location and are looking forward to serving members of the community and the surrounding areas from this location. I would like to also thank our clients for their ongoing support. Call today at 1-877-345-6265 to book an appointment to discuss your mortgage needs!
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Gina Burgio, … (1 comments)
line of credit: Canadian Gov't may increase Bank Mortgage Purchases to $75 Billion
- 11/12/08 05:07 PM
Finance Minister Jim Flaherty pledged today to triple the amount of mortgages the government can buy from banks to as much as C$75 billion. The Canadian Gov't, using its crown corporation, the Canadian Mortgage and Housing Corp. (CMHC), purchased $25 billion in mortgages last month. Allow me to explain in simply terms what the government is in fact doing... The gov't via CMHC has insured many mortgages for the banks. In other words, CMHC has sold the banks default insurance on mortgages that the banks have provided to their clients, which guarantees that CMHC will cover any shortfall realized by the … (2 comments)
line of credit: Bank of Canada expected to Lower Interest Rates
- 11/12/08 04:31 PM
Bank of Canada has hinted that they may cut interest rates again. Early today in Toronto, Bank of Canada Senior Deputy Governor Paul Jenkins stated, "Some further monetary stimulus will likely be required to achieve our 2 percent inflation target over the medium term." The Cdn Central Bank cut its benchmark overnight lending rate to 2.25 percent on Oct. 21. Some economists expect that the Bank of Canada will cut their overnight rate a half point to 1.75 percent on Dec. 9. This would be the lowest since 1960.
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Gina … (5 comments)
line of credit: Many Canadian Banks Scheduled to Soon Report Q3 Results
- 11/05/08 06:43 PM
Many Canadian banks are scheduled to begin reporting their 3rd quarter results, starting on Nov. 25 with Bank of Montreal. Some analysts are expecting Canada's six big banks to report an average profit decline of 15 percent for Q3, the biggest drop in 6 years. The Bank of Canada, the country's central bank, stated on Oct.23 that the Canadian economy, the world's 8th-largest economy, will slow to 0.6 percent this year, the lowest since 1991. With the country suffering from weak demand in the US and lower prices for commodities, we will soon have the Q3 results from the Big Six … (0 comments)
line of credit: TD Bank 1st to Move to Adjust Rates
- 10/29/08 10:59 PM
Three times this month Toronto-Dominion Bank, Canada's second-largest bank, has been first to lower its prime rate following decisions by the Bank of Canada (the central bank) to lower its overnight rate. Toronto-Dominion's biggest rivals followed suit the same day. For example, on Oct.8, TD Bank was the first to announce a cut that day with a statement at 1 p.m., followed by Canadian Imperial Bank of Commerce (CIBC) 43 minutes later. Royal Bank of Canada, the country's largest bank, was next at 2:32 p.m., followed by Bank of Nova Scotia and Bank of Montreal. Two days later, the banks reduced … (2 comments)
line of credit: Additional Mortgage Website
- 10/24/08 09:03 AM
Additional Website Soon to be launched. Feedback welcome. http://ginaburgio.110mb.com Mortgage Broker serving clients throughout Ontario, including Toronto, Mississauga, Milton, Oakville, Hamilton, Ancaster, Brampton, Burlington, Brantford, Stoney Creek, Niagara, Kitchener, Richmond Hill, Guelph, London, Waterloo, Cambridge and surrounding areas.
The Bank of Canada cut its lending rate today by half point to 0.50%, the lowest level ever. The decrease was inline with most economists expectations.
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