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Posted by: Dean Kimoto
FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario September 4, 2024 The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization. The global economy expanded by about 2½% in the […]
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Despite rising affordability challenges, the majority of young Canadians still view homeownership as a valuable investment, according to a recent Royal LePage survey. A full 84% of Canadians aged 18 to 34 said homeownership is a worthwhile investment, with even higher percentages in Saskatchewan and Manitoba (94%) and Atlantic Canada (93%). Of those who don’t currently […]
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The federal government has added 56 properties to a new public lands bank of locations that are suitable for long-term leases so developers can build housing, a move the Housing Minister says will help boost the supply of homes Canadians can afford. Sean Fraser made the announcement Sunday in Halifax just ahead of a three-day […]
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High interest rates drove BMO’s mortgage delinquency rate higher in the third quarter, according to the bank’s latest earnings results. As Canada’s fourth-largest bank, BMO also reported that it was forced to set aside significantly more funds—$906 million—for potential losses, reflecting the growing financial strain on borrowers. The bank saw 90+ day delinquencies in […]
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Falling mortgage rates haven’t yet had a a significant impact on real estate activity, according to recent data. National home sales in July were down 0.7% from the previous month, the Canadian Real Estate Association reported today. While activity remains 4.8% higher compared to a year ago, sales are still down roughly 9% below their pre-pandemic level. […]
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An estimated 2.2 million mortgages have either come up for renewal in 2024 or are set to renew in the coming year, according to data from the Canada Mortgage and Housing Corporation (CMHC). This represents more than 45% of all outstanding mortgages in Canada. While those with variable-rate mortgages have already felt the sting […]
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The extreme volatility experienced in global financial markets over the past week is having an immediate impact on Canadian interest rate forecasts—they’re falling like autumn leaves in a gusty wind. TD, CIBC and BMO have led the way with their revised forecasts, with all now expecting the Bank of Canada to cut interest rates faster […]
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Canadian lenders are cutting fixed mortgage rates following a drop in bond yields. But what’s behind these latest moves? Canadian lenders are once again trimming their fixed mortgage rates, offering additional relief to today’s mortgage shoppers. The latest rate cuts follow a sharp drop in the Government of Canada bond yields, which typically influence fixed […]
Read MorePosted by: Dean Kimoto
The following is re-posted from the Bank of Canada website The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. The global economy is expected to continue expanding at […]
Read MorePosted by: Dean Kimoto
Confidence is high that the Bank of Canada will deliver a second consecutive rate cut on Wednesday. Below, we look at some of the reasons why. Investors and analysts have grown increasingly confident that the Bank of Canada will deliver a second consecutive rate cut on Wednesday to support the economy as inflation worries ease […]
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