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Posted by: Dean Kimoto
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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Everyone starts building their credit score somewhere — and for many, it’s getting that first credit card during college or university. By Nina Dragicevic Financial institutions know whatever card you get is likely to be kept for a long time. These products are “sticky,” said Robin Taub, a chartered professional accountant in Toronto, and author of […]
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Both of the main candidates in British Columbia’s election campaign pushed their own plans to solve parts of the housing crisis. By Nono Shen and Brieanna Charlebois B.C. Conservative Leader John Rustad told a news conference in Surrey that his government would end the multi-year permit delays and would get homes built at the speed and […]
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OSFI has confirmed that it will remove the requirement for lenders to apply the Minimum Qualifying Rate (MQR) to straight switches of uninsured mortgages. Superintendent Peter Routledge confirmed that OSFI will formally announce this change on November 21, 2024, as part of the regulator’s quarterly release pilot. This change will allow borrowers to switch […]
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As a follow-up to last week’s announcement, the federal government has unveiled a more detailed framework for its updated mortgage rules, which are set to take effect on December 15, 2024. These changes are part of the government’s larger effort to make housing more affordable, giving first-time buyers and those purchasing new homes more options, […]
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Economists anticipate that Canada’s annual inflation rate in August fell to its lowest level since March 2021. By Sammy Hudes Ahead of Statistics Canada’s consumer price index set to be released on Tuesday, economists polled by Reuters are expecting the report to show prices rose 2.1% from a year ago, down from a 2.5% annual gain […]
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Just realeased from the Government of Canada website: News release September 16, 2024 – Ottawa, Ontario – Department of Finance Canada Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger […]
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By Craig Wong The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans. The rate cut prompted big commercial banks to lower their prime rates, which are used to set the […]
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BoC rate cuts will ease pressure, but mortgage renewal shocks still loom, RBC says. Canada’s largest bank said it expects loan losses in its retail portfolio to continue rising beyond 2025 as the bulk of its mortgages come up for renewal. While Bank of Canada rate cuts have provided some relief, the bank warns that […]
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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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