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 […]

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 […]

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 […]

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 […]

Canada’s banking regulator is pushing back implementation of a rule change that could have significant implications for Canadian lenders, following consultation with domestic intuitions and global regulators. Late last week, the Office of the Superintendent of Financial Institutions (OSFI) announced a one-year delay in implementing a higher global standard for lending risk as it waits for other […]

Early Signs Of Renewed Life In June Housing Markets The Canadian Real Estate Association (CREA) announced today that national home sales rose 3.7% between May and June following the Bank of Canada’s rate cut. While activity was still muted, it wasn’t nearly as weak as the media recently portrayed. “It wasn’t a ‘blow the doors […]