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Bank of Canada hikes interest rate to 4.75

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

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BOC Holds Interest Rate

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

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BOC Holds Interest rate first time in a year

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

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Inflation rate fell in January, but food prices continue to grow

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

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Happy Holidays from the MW Team!

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,

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OSFI Announces No Change to Minimum Qualifying Rate

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

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Consumer Price Index, October 2022

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

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