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 »

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 »

Bank of Canada holds interest rates steady at 3%
Mortgage News / Mortgages

Bank of Canada holds interest rates steady at 3%

The Bank of Canada decided to hold the target overnight rate steady at 3%.  They cited: “Three major developments are affecting the Canadian economy: the protracted weakness in the U.S. economy; ongoing turbulence in global financial markets; and sharp increases in many commodity prices.   Other interesting points include: gradual recovery in the U.S. economy … Continue reading »

Bank of Canada holds interest rates at 3%, Prime rates stay at 4.75%
Economic News / Mortgage News / Mortgages

Bank of Canada holds interest rates at 3%, Prime rates stay at 4.75%

The Bank of Canada decided to hold interest rates at 3% this morning. Many people had expected at least a 25 basis point reduction due to the slowing of economic growth and the high risk of higher inflation as energy and food prices continue to increase. The Financial Post reports: “If current levels of energy … Continue reading »