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Posted by: Dean Kimoto
The Bank of Canada (BoC) reduced the overnight rate by 25 basis points this morning, bringing the policy rate down to 3.0%. The market had anticipated a nearly 98% chance of this 25 basis point reduction, and consensus aligned with this expectation. The Federal Reserve is also set to announce its rate decision this afternoon, […]
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Economists and markets expect a 25-basis-point rate cut this week, bringing the Bank of Canada’s policy rate to a two-year low of 3%. This cut, which would be the BoC’s sixth in a row since its policy rate reached a peak of 5%, is already largely priced into the market. If it happens, the prime rate will […]
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The federal government’s launch of the Secondary Suite Refinance Program on January 15 was largely met with optimism, but some brokers note that questions remain. The program, first unveiled in October, allows homeowners to refinance up to 90% of their property’s value (capped at $2 million) to build secondary suites intended for long-term rental use, specifically excluding […]
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The Canadian Housing Market Ends 2024 On a Weak Note Home sales activity recorded over Canadian MLS® Systems softened in December, falling 5.8% compared to November. However, they were still 13% above their level in May, just before the Bank of Canada began cutting interest rates. The fourth quarter of 2024 saw sales up 10% […]
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Severe weather events are contributing to spiking losses for insurers This article was written for CMP by Jonalyn Cueto Homeowners across Canada should prepare for significant increases in insurance premiums. Experts attributed the rising costs to record-breaking losses from natural disasters, inflation, and labour shortages in the construction industry, a report from CTV News […]
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Observers say that if there’s one economic indicator likely to be concerning Bank of Canada officials, it’s the higher-than-expected rise in Canada’s unemployment rate last month.” According to the latest figures from Statistics Canada, the unemployment rate rose to 6.8%, up 0.3 percentage points from October and 0.2 percentage points higher than expected. Excluding […]
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The new initiative aims to simplify the credit-building process for immigrants by recognizing financial histories from their home countries. When Rebecca Oakes emigrated from the UK to Canada in 2017, she never anticipated that one of the first challenges she’d face would be securing a quality Canadian credit card. Rebecca Oakes, Vice President of […]
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Despite low bond yields, banks and other lenders are continuing to raise rates. We talked to several rate experts to understand why. Bond yields have plunged over 30 basis points (0.30 percentage points) over the past two weeks. As regular readers of Canadian Mortgage Trends know, bond yields typically influence fixed mortgage rate pricing. However, […]
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Former Scotiabank Mortgage head John Webster weighed in, noting that the big banks’ competitive pricing is unsustainable and unlikely to continue for long. A mortgage rate war is expected to intensify, with more than half of all mortgages held by Canadian banks set to renew over the next two years, says an RBC analyst. With […]
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Average asking rents declined nationally on a year-over-year basis for the first time in more than three years in October, said a report out Thursday. By Sammy Hudes The report from Rentals.ca and Urbanation found average asking rents across Canada sat at $2,152 in October, down 1.2% from the same month in 2023 — the first […]
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