Yesterday, we told you how the rate of inflation affects interest rates. While it is important to understand how inflation works, there are several other indicators that are important to watch that also affect mortgage rates in Canada.
READ MORE
The Bank of Canada is Canada’s central banking authority. Created in 1934, it is the only issuer of bank notes in the country. Every seven years, the Bank’s Board of Directors appoints the Governor of the Central Bank. The Government of Canada cannot remove the Governor from office, making the central bank an autonomous organization. Contrary to popular thinking, the Bank of Canada doesn’t actually set the Canadian Prime Rate.
READ MORE
The big Canadian banks including RBC, TD, CIBC, Scotiabank and BMO all increased their Prime lending rates as expected by 0.25% to 2.75%, effective July 21, after the Bank of Canada’s rate hike earlier in th week. Variable mortgage rates …
READ MORE
Canada’s big banks followed the Bank of Canada’s interest rate cut today by 0.25% by dropping their prime rates by the same 0.25% as well. The following banks announced lower prime rates, which will all be effective tomorrow, April 22, …
READ MORE
The Bank of Canada announced this morning that it is cutting interest rates by 0.50%. This take the target for the overnight rate to just 0.50% This takes the total easing to 4.00% since December 2007. The bank said in …
READ MORE
