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Rate remains at 1.75%, Bank of Canada

Thursday Sep 05th, 2019

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The Bank of Canada held interest rates steady as expected on Wednesday but said the escalating U.S.-China trade war was doing more damage to the global economy than it had forecast in July. The central bank — which has sat on the sidelines since last October — maintained its key overnight rate at 1.75 per cent and made no mention of future moves. The current level of stimulus remained appropriate, it said, reiterating the pace of Canadian economic growth would slow down in the... [read more]

Lowest Mortgage Rate Since 2017 at 2.64%

Thursday Jul 11th, 2019

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The Canadian mortgage market is heating up. Ratehub recently reported the lowest mortgage rate in the last two years at a rate of 2.64%. This rate comes at a 5-year fixed mortgage. This is excellent news for home buyers. The rates earlier this year in 2019 were 3.3 to 3.4%. This decrease over time will surely inject a healthy amount of growth to the market. The impact to the impending stress tests that home buyers face also becomes slightly easier. The stress test created a barrier of... [read more]

Buy a home for 5% down. What you need to know.

Sunday Jun 16th, 2019

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Buy a home with only 5% Down? CMHC Any home purchased with less than 20% paid as a downpayment is dinged with mortgage insurance by the Canadian Mortgage and Housing Corporation (CMHC). This protects the bank, not you. This is there for the banks in case you default on your mortgage. Let's be honest. Banks and other lending institutions are handing out mortgages to people who probably shouldn't have qualified for what they were given. There's also a difference here... [read more]

Bank of Canada Holds Interest Rate

Wednesday May 29th, 2019

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The Bank of Canada is holding its key interest rate steady as its senior officials insist there are more signs the economy's abrupt winter deceleration was short-lived. The central bank, as widely expected, kept its trend-setting rate at 1.75 per cent today -- and governor Stephen Poloz appears to be in no hurry to make a move, even as he points to economic improvements. The bank says in a statement that there's growing evidence the economy has been re-emerging in the second... [read more]

Condo Market Speculators In Toronto, Vancouver A Risk To Economy

Wednesday Jun 13th, 2018

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The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment.   Be careful if you're planning to jump into the condo market in Toronto, Vancouver or nearby areas: The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment. In its financial system review released last week, the Bank noted that the housing markets in many Canadian cities have reversed... [read more]

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