Mortgage Blog

Category: Announcements (41 posts)

Bank of Canada Rate Annoucement - September 5, 2018

Bank of Canada Rate Annoucement - September 5, 2018

September 5, 2018 | Posted by: Crescent Mortgage Corp.

The BoC decided to take a break from its recent pattern of increasing rates and will instead wait to see the fallout from NAFTA discussions.  The target for the overnight rate remains unchanged a ...

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Bank of Canada Rate Annoucement - July 11, 2018

Bank of Canada Rate Annoucement - July 11, 2018

July 11, 2018 | Posted by: Crescent Mortgage Corp.

As tariff battles wage on between the US and its key trading partners, the BoC has announced it is raising its benchmark interest rate 25 bps to 1.50%.  This is the fourth hike in the past y ...

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Bank of Canada Rate Announcement - May 30, 2018

Bank of Canada Rate Announcement - May 30, 2018

May 30, 2018 | Posted by: Crescent Mortgage Corp.

The BoC kept its key interest rate unchanged again today at 1.25%, pointing to trade uncertainty, a housing slowdown and increasing “stress” in emerging markets.  However, i ...

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Bank of Canada Rate Announcement - March 18, 2018

Bank of Canada Rate Announcement - March 18, 2018

April 18, 2018 | Posted by: Crescent Mortgage Corp.

The Bank of Canada kept its key overnight target rate unchanged at 1.25% today as it recognized weakness seen in housing and investment in exports Despite the fact many of the key ingredients for are ...

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Bank of Canada Rate Announcement - March 7, 2018

Bank of Canada Rate Announcement - March 7, 2018

March 7, 2018 | Posted by: Crescent Mortgage Corp.

As was expected, the BoC kept its key target for the overnight rate unchanged at 1.25% this morning.  This following three rate hikes since June 2017.   This apparent relaxed approach t ...

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Bank of Canada Rate Announcement - December 6, 2017

Bank of Canada Rate Announcement - December 6, 2017

December 6, 2017 | Posted by: Crescent Mortgage Corp.

The Bank of Canada kept its target for the overnight rate steady today at 1.00%, but it highlighted cautious warnings to Canadians that increases are probably upcoming.  In its announcement, the ...

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Bank of Canada Rate Announcement - October 25, 2017

Bank of Canada Rate Announcement - October 25, 2017

October 25, 2017 | Posted by: Crescent Mortgage Corp.

The BoC left its benchmark target interest rate unchanged today after two straight hikes, but did suggest that future “gradual” increases are still likely. In its announcement, the BoC st ...

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Bank of Canada Rate Announcement - April 12, 2017

Bank of Canada Rate Announcement - April 12, 2017

April 12, 2017 | Posted by: Crescent Mortgage Corp.

As expected, the overnight rate was kept unchanged at 0.5% by the BoC.  It has remained at this level since July of 2015.   However more importantly, the Bank has signaled that its first in ...

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Bank of Canada Rate Announcement - March 1, 2017

Bank of Canada Rate Announcement - March 1, 2017

March 1, 2017 | Posted by: Crescent Mortgage Corp.

The Bank of Canada continued its cautious ways this morning keeping its key interest rate target unchanged at 0.50%, a level it has remained at since July 2015. “The bank’s governing coun ...

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Bank of Canada Rate Announcement - December 7, 2016

Bank of Canada Rate Announcement - December 7, 2016

December 7, 2016 | Posted by: Crescent Mortgage Corp.

Citing the possibility of an economic slowdown, the Bank of Canada has once again decided to keep its benchmark interest rate unchanged at 0.50%. The BoC stated 'Following a very weak first half of 2 ...

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Bank of Canada Rate Announcement - September 7, 2016

Bank of Canada Rate Announcement - September 7, 2016

September 7, 2016 | Posted by: Crescent Mortgage Corp.

The BoC once again has decided to keep its key target for the overnight interest rate at 0.5%, a level it has sat at for the past 14 months. The BoC is still anticipating a “substantial rebound ...

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Bank of Canada Rate Announcement - May 25, 2016

Bank of Canada Rate Announcement - May 25, 2016

May 25, 2016 | Posted by: Crescent Mortgage Corp.

The BoC left its target for the overnight rate unchanged stating that Alberta wildfires and persistently weak business investment will in all likelihood shrink our economy in the second quarter.  ...

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Bank of Canada Rate Announcement - April 13, 2016

Bank of Canada Rate Announcement - April 13, 2016

April 13, 2016 | Posted by: Crescent Mortgage Corp.

The BoC has kept its key interest rate unchanged at 0.50% in light of the impact of federal spending on the continuing commodities price shock being felt by the country.  The BoC estimates that ...

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Bank of Canada Rate Announcement - March 9, 2016

Bank of Canada Rate Announcement - March 9, 2016

March 9, 2016 | Posted by: Crescent Mortgage Corp.

The Bank of Canada again left its target for the overnight rate unchanged at 0.50%, a level it has remained at since July 2015. BoC governor Poloz have generally welcomed the March 22nd Budget announ ...

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Bank of Canada Rate Announcement - January 20, 2016

Bank of Canada Rate Announcement - January 20, 2016

January 20, 2016 | Posted by: Crescent Mortgage Corp.

The Bank of Canada has left its key interest rate unchanged at 0.50%, with the hopes that increases to federal infrastructure spending and a global recovery will lift the Canadian economy out of its f ...

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Bank of Canada Rate Announcement - December 2, 2015

Bank of Canada Rate Announcement - December 2, 2015

December 2, 2015 | Posted by: Crescent Mortgage Corp.

The BoC announced its latest target for the overnight rate Wednesday morning and opted to keep it unchanged at 0.50%, citing economic growth that is in line with expectations. “In Canada, the d ...

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Bank of Canada Rate Announcement - October 21, 2015

Bank of Canada Rate Announcement - October 21, 2015

October 21, 2015 | Posted by: Crescent Mortgage Corp.

As expected, the BoC kept its key overnight lending rate unchanged at 0.5 per cent Wednesday in addition to downgrading its economic outlook as the country continues to deal with aftershocks of l ...

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Bank of Canada Rate Announcement - Sept 9, 2015

Bank of Canada Rate Announcement - Sept 9, 2015

September 9, 2015 | Posted by: Crescent Mortgage Corp.

The Bank of Canada kept its key interest rate target unchanged at 0.50% and stated that a weaker Canadian dollar and household spending are leading the recovery from the effect of lower oil ...

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Bank of Canada Rate Announcement - July 15, 2015

Bank of Canada Rate Announcement - July 15, 2015

July 15, 2015 | Posted by: Crescent Mortgage Corp.

As a result of a larger-than-expected first half contraction and a “puzzling” stall in non-energy exports, The Bank of Canada is cutting its key interest rate for the second time this year ...

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Bank of Canada Rate Announcement - April 15, 2015

Bank of Canada Rate Announcement - April 15, 2015

April 15, 2015 | Posted by: Crescent Mortgage Corp.

According to the BoC, the Canadian economy has stalled and will be stagnant in the first quarter as a result of the oil price collapse. Having said that, the BoC chose to keep its key overnight lendi ...

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Bank of Canada Rate Announcement - March 4, 2015

Bank of Canada Rate Announcement - March 4, 2015

March 4, 2015 | Posted by: Crescent Mortgage Corp.

The BoC left its target for the overnight rate unchanged at 0.75 per cent. The BoC decided to hold off on a second consecutive interest rate cut, stating “appropriate” amount of monetary ...

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Bank of Canada Rate Announcement - October 22, 2014

Bank of Canada Rate Announcement - October 22, 2014

October 22, 2014 | Posted by: Crescent Mortgage Corp.

The BoC left its target for the overnight rate unchanged as it has for the past 33 rate meetings.  Despite the fact Core Inflation exceeded the BoC’s target of 2.0%, they stated “unde ...

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Bank of Canada Rate Announcement - September 4, 2014

Bank of Canada Rate Announcement - September 4, 2014

September 4, 2014 | Posted by: Crescent Mortgage Corp.

Prime rate has been stuck at 3% for four years now, which is the longest stretch of flat rates since the 1950s. Furthermore, the Bank of Canada gave no hint of change at yesterday’s rate meeting ...

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Bank of Canada Rate Announcement - July 16, 2014

Bank of Canada Rate Announcement - July 16, 2014

July 16, 2014 | Posted by: Crescent Mortgage Corp.

The Bank of Canada left its key interest rate target unchanged today stating that “economic activity in Canada is now projected to be a little weaker than previously forecast.” Inflation ...

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Bank of Canada Rate Announcement - June 4, 2014

Bank of Canada Rate Announcement - June 4, 2014

June 4, 2014 | Posted by: Crescent Mortgage Corp.

The BoC kept its target for the overnight rate unchanged with a neutral bias on its next move, stating that the risks posed by slow inflation remain. The benchmark rate remains at 1 percent, where it ...

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Bank of Canada Rate Announcement - April 16, 2014

Bank of Canada Rate Announcement - April 16, 2014

April 16, 2014 | Posted by: Crescent Mortgage Corp.

The BoC left its target for the overnight rate unchanged at 1.00%, a level it has sat at since September 2010. With language similar to the March statement, the BoC stated the weak economy continues ...

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Bank of Canada Rate Announcement - March 5, 2014

Bank of Canada Rate Announcement - March 5, 2014

March 6, 2014 | Posted by: Crescent Mortgage Corp.

The Bank of Canada has kept its benchmark lending rate unchanged at one per cent again, the same level it has been at since September 2010. The Canadian economy performed better than the bank wa ...

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Bank of Canada Rate Announcement - January 22, 2014

Bank of Canada Rate Announcement - January 22, 2014

January 22, 2014 | Posted by: Crescent Mortgage Corp.

The Bank of Canada is warning that unusually low inflation pressures will persist well into 2016 – a new forecast that could further delay future interest rate hikes and send the Canadian dollar ...

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Bank of Canada Rate Announcement - October 23, 2013

Bank of Canada Rate Announcement - October 23, 2013

October 23, 2013 | Posted by: Crescent Mortgage Corp.

In the face of a much gloomier economic outlook, the BoC has abandoned its warning that its key interest rate is headed higher. Cautioning that Canada is likely to grow much more slowly than it thoug ...

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Bank of Canada Rate Announcement - July 17, 2013

Bank of Canada Rate Announcement - July 17, 2013

July 17, 2013 | Posted by: Crescent Mortgage Corp.

The BoC, in its first scheduled announcement under new Governor Stephen Poloz, made no change to its overnight lending rate at 1 per cent, where it has been since September 2010.  It further warn ...

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Bank of Canada Rate Announcement - Apr 17, 2013

Bank of Canada Rate Announcement - Apr 17, 2013

April 17, 2013 | Posted by: Crescent Mortgage Corp.

The Bank of Canada cut its outlook for economic growth, suggesting borrowing costs will remain at historically low levels for at least another year, and quite likely even longer. The BoC now expects ...

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Bank of Canada Rate Announcement - Jan 23

Bank of Canada Rate Announcement - Jan 23

January 23, 2013 | Posted by: Crescent Mortgage Corp.

The Bank of Canada reduced its forecast for economic growth this year, and said eventual interest-rate increases likely will be delayed. Policy makers said Canada’s GDP would expand 2 per cent ...

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Bank of Canada Rate Announcement - Dec 4

Bank of Canada Rate Announcement - Dec 4

December 4, 2012 | Posted by: Crescent Mortgage Corp.

The Bank of Canada once again leavft its benchmark interest rate at one percent and maintained its hawkish outlook, even as the Canadian economy shows signs of cooling. The central bank also said t ...

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Bank of Canada Rate Announcement - Oct 23

Bank of Canada Rate Announcement - Oct 23

October 23, 2012 | Posted by: Crescent Mortgage Corp.

The Bank of Canada left its policy rate unchanged, which means that prime rate should end 2012 at the same level it’s been for 25 months, 3.00%. In their statement, the BoC explained “Ove ...

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Bank of Canada Rate Announcement - Jul  18

Bank of Canada Rate Announcement - Jul 18

July 18, 2012 | Posted by: Crescent Mortgage Corp.

The overnight target rate has now been the same for a record 678 days. Our economy still isn’t firing on all cylinders, says the Bank of Canada. This suggests that mortgage holders can likely e ...

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OSFI Underwriting Changes

OSFI Underwriting Changes

June 21, 2012 | Posted by: Crescent Mortgage Corp.

OSFI's (the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans) final mortgage underwriting guideli ...

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New Mortgage Rules

New Mortgage Rules

June 21, 2012 | Posted by: Crescent Mortgage Corp.

Finance Minister Jim Flaherty has announced the fourth round of mortgage restrictions in the past four years. Starting July 9, 2012, those with less than 20% equity will no longer be able to get: ...

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Bank of Canada Rate Announcement - Jun 5

Bank of Canada Rate Announcement - Jun 5

June 5, 2012 | Posted by: Crescent Mortgage Corp.

The Bank of Canada has left its target for the overnight unchanged at 1.00%.  In today’s rate announcement, the Bank also toned down hints that it may resume rate h ...

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Bank of Canada Rate Announcement - Apr 17

Bank of Canada Rate Announcement - Apr 17

April 17, 2012 | Posted by: Crescent Mortgage Corp.

The Bank of Canada left its target for the overnight rate at 1 per cent today, while painting a brighter economic outlook and hinting for the first time since last summer that it is beginning to look ...

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Bank of Canada Rate Announcement

Bank of Canada Rate Announcement

March 8, 2012 | Posted by: Crescent Mortgage Corp.

The Bank of Canada held its key interest rate at 1 per cent Thursday, while hinting that higher borrowing costs could come sooner than expected by stressing signs of improvement both in Canada and abr ...

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Improved Mortgage Prepayment Penalty Disclosure

Improved Mortgage Prepayment Penalty Disclosure

March 5, 2012 | Posted by: Crescent Mortgage Corp.

Yesterday, the federal government published a Mortgage Prepayment Code.  The Code will guide all federally regulated institutions in how they communicate the Interest Rate Differential (IRD) to b ...

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