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 »

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 »