Bank of Canada Cuts Interest Rates by 0.25%
Economic News / Mortgage News / Mortgages

Bank of Canada Cuts Interest Rates by 0.25%

The Bank of Canada lowered its target for the overnight rate by 1/4% to 2.25% and announced that 3 major interrelated developments are impacting the Canadian economy: 1. The global financial crisis is having a severe strain on the financial markets – the global banking sector’s needed to de-leverage will hold back economic growth for … Continue reading »

Canadian Banks Pushing Mortgage Shoppers Towards Fixed Rates
Mortgage News / Mortgages

Canadian Banks Pushing Mortgage Shoppers Towards Fixed Rates

The Financial Post reported that Canadian banks are encouraging customers to take out fixed rate mortgage versus variable rate loans as they are losing money on variable rate deals. This has come about as the banks have decreased the discount on their variable rate products that are based on their Prime rates. A few weeks … Continue reading »

Bank of Canada Decreases Interest Rates by 0.50%
Economic News / Mortgage News / Mortgages

Bank of Canada Decreases Interest Rates by 0.50%

The Bank of Canada dropped their key target for the overnight rate by 0.50% to 2.50% this morning along with other global central banks including the US, England, Japan, European Central Bank, US Federal Reserve System, Swiss National Bank and Sweden’s Riksbank. This was a co-ordinated effort to try and help the current financial meltdown. … Continue reading »

Bank of Canada Holds Interest Rates Again
Economic News / Mortgage News / Mortgages

Bank of Canada Holds Interest Rates Again

The Bank of Canada announced that it is keeping its target overnight interest rate at 3%. The bank stated that the 3 major reasons for keeping interest rates steady in July remained in August, namely: the course of the U.S. economy ongoing turbulence in global financial markets sharp increases in commodity prices, the risk identified … Continue reading »

Mortgage Survey Reveals 75% of Canadians Agree With New Lending Rules
Mortgage News / Mortgages

Mortgage Survey Reveals 75% of Canadians Agree With New Lending Rules

ResMor Trust did a survey of 1,000 Canadian across the country 18 years of age or older, to gauge their thoughts on the new mortgage lending rulesannounced by the government a few weeks ago. The main points include:   23% of Canadians do not agree with the recent federal changes to mortgage lending rules Opposition … Continue reading »

Mortgage Lenders Closing Canadian Operations
Mortgage News / Mortgages

Mortgage Lenders Closing Canadian Operations

GE Money Canada, a subsidiary of General Electric, has decided to stop its Canadian alternative mortgage business this week, as part of a corporate strategic shift away from consumer finance, which was reported in the Financial Post. They will no longer accept new applications but will continue to honour their current commitments. This decision was … Continue reading »