The Bank of Canada lifted its interest rate hold on Wednesday, raising it by 25 basis points to 4.75 percent. The policy rate has now reached its highest level since April 2001. Canada is seeing substantial inflation for the first time in a generation. Goods and service costs have grown
The Bank of Canada has once again left its overnight target rate unchanged at 4.50%. This is the Bank’s second rate hold this year and was fully expected by markets. In its statement, the Bank said it “continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures
For the first time in a year, Canada’s central bank has opted not to increase the overnight lending rates, maintaining the current interest rate at 4.5%.Economists broadly anticipated the hold after eight straight rises saw the benchmark rate rise by 425 basis points since March 2nd of last year. With
Statistics Canada reported that Canada’s inflation rate slowed to 5.9% in January, lower than the 6.2% expected. The price of groceries continues to accelerate and mortgage interest costs continue to rise. The most significant increase since September 1982 the Bank of Canada is trying to tame inflation with higher interest
The Bank of Canada raises the key interest rate by 25 basis points. The Bank of Canada lifted its overnight interest rate by 25 basis points to 4.50%. This is the Bank’s eighth consecutive rate hike and was expected by markets.This is the highest the Bank of Canada’s key rate
Happy Holidays from everyone at Mortgage Winners! Thank you for your continued support and dedication throughout the year. Wishing you and your family a safe and joyful holiday season. Our offices will be closed on the following days:Saturday, Dec 24th: ClosedMonday, Dec 26th: ClosedTuesday, December 27th: ClosedSaturday, December 31st: ClosedMonday,
As a result of its annual review, the Office of the Superintendent of Financial Institutions (OSFI) announced the Minimum Qualifying Rate (MQR) for uninsured mortgages this morning. OSFI announced that it will make no changes, maintaining the minimum qualifying rate of 5.25% and the floating rate of 2% plus the
The Bank of Canada raised interest rates aggressively for the sixth time in a row, while hinting that it may pause its rate hike cycle. The prime rate rises to 6.45% as a result. A homeowner with a variable-rate mortgage can expect to pay approximately $28 more per month per
The latest inflation figures from Statistics Canada have given some market participants hope that the Bank of Canada will slow or even halt interest rate increases. The Consumer Price Index, or “headline inflation,” remained stable at 6.9% year on year from September to October. Higher gasoline prices are offset by
The Bank of Canada stunned the markets on Wednesday by announcing its sixth straight rate increase of the year, which was 50 basis points lower than anticipated. As a result, the benchmark rate has increased by 350 basis points from where it was at the start of the year to
