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Posted by: Dean Kimoto
Fixed mortgage rates could surge higher in the coming week after Government of Canada bond yields—which lead fixed mortgage rates—shot up to a 16-year-high. Rate-watchers say mortgage providers could hike rates by anywhere from 20 to 30 basis points (0.20% to 0.30%). “Fixed rates should be up 20 bps on this news, however if the […]
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When deciding to leave interest rates unchanged at its Sept. 6 monetary policy meeting this month, the Bank of Canada determined the past hikes are working to slow the economy. “[Governing Council] members agreed that data since their last decision had shown more clearly that demand was slowing, and excess demand was diminishing as monetary policy gained […]
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Housing markets in the country’s largest markets continued to moderate in August, following the Bank of Canada’s recent interest rate hikes over the summer. What began as a strong spring housing rally has since cooled with more balanced conditions in most markets. In the Greater Toronto Area, the country’s largest housing market, both prices and […]
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CIBC reports that its mortgage clients are so far managing to absorb the payment shocks as their mortgages come up for renewal at higher rates. The bank made the comments during its third-quarter earnings call, where Chief Risk Officer Frank Guse confirmed the bank has already navigated a substantial number of mortgage renewals at higher […]
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Today the bank of Canada held its policy interest rate at 5% citing slowed economic growth due to a weakening in consumption growth, decline in housing activity, and the impact of wild fires across the country. See the full Bank of Canada post here: Bank of Canada maintains policy rate, continues quantitative tightening How does […]
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Weaker-than-expected GDP data last week likely sealed the deal for a rate hold tomorrow by the Bank of Canada. But not all economists are convinced that this marks the end of the current rate-hike cycle. Statistics Canada reported on Friday that second-quarter economic growth contracted by 0.2% compared to Q1, well down from the Bank of Canada’s […]
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Rate hikes are definitely off the table The Canadian economy weakened surprisingly more in the second quarter than the market and the Bank of Canada expected. Real GDP edged downward by a 0.2% annual rate in Q2. The consensus was looking for a 1.2% rise. The modest decline followed a downwardly revised 2.6% growth pace […]
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Originally introduced to mitigate borrower default risks in the event of rising interest rates, some brokers now argue that Canada’s mortgage stress test is no longer needed with interest rates presumably near their peak. Others, however, say it’s a tool that’s best left in place for the time being. Back in 2016, the federal government […]
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Despite detached home prices in Toronto and Vancouver posting year-over-year declines in the first half of the year, a longer-term view shows prices are still elevated, and in many cases higher compared to two or three years ago. In its Hot Pocket Communities Report released Tuesday, RE/MAX found that detached homes in nearly 93% of the 82 […]
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Maybe I work with your bank already. Except… I might have a better option. It’s worth asking! I just did a quick scan and from what I just saw The Dominion Lending Centres network has access to at least 76 lenders (and some local credit unions we work with I noticed weren’t on this list, […]
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