Canada’s Big Banks Quickly Cut Prime Rates to 3%
Economic News / Mortgage News / Mortgages

Canada’s Big Banks Quickly Cut Prime Rates to 3%

Following the Bank of Canada’s drop in interest rates this morning by 0.5% Canada’s big banks followed suit and cut their prime rates by the same 0.50% to 3.00%. This will be welcome news to variable rate mortgage holders and those mortgage shoppers looking for variable rates. The changes were as follows: RBC Royal Bank … Continue reading »

Canadian Banks Lower Prime Rates – But Don’t Match Full Cut
Economic News / Mortgage News / Mortgages

Canadian Banks Lower Prime Rates – But Don’t Match Full Cut

A few of Canada’s biggest banks lowered their prime rates immediately after the Bank of Canada (BoC) announced they were cutting the target for the overnight rate by 0.75% to 1.75%. However, the big news will be that they weren’t able to match the BoC’s cut. The Banks that have announced their new Prime Rates … Continue reading »

Loyalty to Banks Over Canadian Mortgage Brokers Continues
Mortgage News / Mortgages

Loyalty to Banks Over Canadian Mortgage Brokers Continues

August 7th, 2008 – Today, RateSupermarket.ca, (www.RateSupermarket.ca), announced the results of its latest survey which revealed that mortgage shoppers remain loyal to their own banks over other funding options such as Canadian mortgage brokers, trusts and credit unions. The website asked visitors where they obtained their last mortgage from and almost half of respondents said … Continue reading »

Canadian Conservatism Helping to Avoid Mortgage Market Meltdown
Mortgage News / Mortgages

Canadian Conservatism Helping to Avoid Mortgage Market Meltdown

The Financial Times reported last week that the Canadian mortgage market remains ‘Boring but Beautiful’ and “an air of quiet self-congratulation has pervaded the mortgage-finance industry”. I think this is a fantastic way to look at how Canadian’s conservative nature at both a personal and government level has helped us avoid the major mortgage market … 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 »

Mortgage Rates Canada – Compare Mortgage Rates in Toronto, Calgary, Vancouver and Montreal at The Rate Supermarket
Mortgage News / Mortgages

Mortgage Rates Canada – Compare Mortgage Rates in Toronto, Calgary, Vancouver and Montreal at The Rate Supermarket

With the average internet user in Canada spending almost 43 hours a month online, it seems only obvious that a few hours would be spent by anxious homeowners comparing mortgage rates in Canada, particularly considering the current housing market outlook. To simplify this tedious yet necessary task for people across the country, whether they are … 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 »