Mortgage Blog

Category: Announcements (21 posts)

Bank of Canada Rate Annoucement - April 21, 2021

Bank of Canada Rate Annoucement - April 21, 2021

April 21, 2021 | Posted by: Ken Fadel

As the improved outlook for both the domestic economy and the global financial system continue to improve, the BoC today announced that it will keep its target for the overnight rate at 0.25% and will ...

read more
Bank of Canada Rate Annoucement - March 10, 2021

Bank of Canada Rate Annoucement - March 10, 2021

March 10, 2021 | Posted by: Ken Fadel

The BoC kept its target for the overnight rate unchanged at 0.25% and reiterated its commitment to keeping it there, delaying any potential policy changes. In a statement released today, the BoC agai ...

read more
Bank of Canada Rate Announcement - January 20, 2021

Bank of Canada Rate Announcement - January 20, 2021

January 20, 2021 | Posted by: Ken Fadel

In its first announcement of 2021, the BoC left its target for the overnight benchmark rate unchanged at 0.25%.  Prior to the announcement, there was some speculation that the Bank would make a & ...

read more
Bank of Canada Rate Announcement - December 9, 2020

Bank of Canada Rate Announcement - December 9, 2020

January 20, 2021 | Posted by: Ken Fadel

The BoC once again held its target overnight rate at 0.25% and reiterated an earlier pledge to keep it at that level until 2023.  As the economy is battered by a second wave of COVID-19 the bank ...

read more
Bank of Canada Rate Announcement - October 28, 2020

Bank of Canada Rate Announcement - October 28, 2020

January 20, 2021 | Posted by: Ken Fadel

The BoC left its target for the overnight rate unchanged today at 0.25%.  Furthermore they announced that they will hold the policy interest rate at this level until the slack in the economy ...

read more
Bank of Canada Rate Announcement - September 9, 2020

Bank of Canada Rate Announcement - September 9, 2020

January 20, 2021 | Posted by: Ken Fadel

The BoC left its key interest rate target unchanged today but hinted at adjusting its government-bond-purchasing programs as the post-lockdown economic rebound has been stronger than expected. In the ...

read more
Bank of Canada Rate Announcement - July 15, 2020

Bank of Canada Rate Announcement - July 15, 2020

January 20, 2021 | Posted by: Ken Fadel

As expected, the Bank of Canada announced today that it is holding its target for the Overnight Rate at 0.25%. This is new Governor Tiff Macklem’s first policy decision since taking over on June ...

read more
Bank of Canada Rate Announcement - March 13, 2020

Bank of Canada Rate Announcement - March 13, 2020

January 20, 2021 | Posted by: Ken Fadel

The BoC has made an unexpected rate cut, cutting it's target rate for the overnight rate another 50 bps to 0.75%.   The benchmark rate was cut to 1.25% less than 10 days ago. 'This unschedu ...

read more
Bank of Canada Rate Announcement - March 4, 2020

Bank of Canada Rate Announcement - March 4, 2020

January 20, 2021 | Posted by: Ken Fadel

The BoC cut its target for the overnight rate by 50 basis points today in response to the “material negative shock” of the COVID-19 virus. The BoC lowered its key interest rate to ...

read more
Bank of Canada Rate Announcement - January 22, 2020

Bank of Canada Rate Announcement - January 22, 2020

January 20, 2021 | Posted by: Ken Fadel

As expected, the BoC kept its target for the overnight rate unchanged at 1.75%, a level it has remained at since October 2018. In its statement the central bank predicted weaker fourth quarter (0.3%& ...

read more
Bank of Canada Rate Announcement - December 4, 2019

Bank of Canada Rate Announcement - December 4, 2019

January 20, 2021 | Posted by: Ken Fadel

In its last rate decision of 2019, the BoC kept its target for the overnight rate unchanged at 1.75%, which is where it has stood since October 2018.   This decision to stand pat was made a ...

read more
Bank of Canada Rate Announcement - October 30, 2019

Bank of Canada Rate Announcement - October 30, 2019

January 20, 2021 | Posted by: Ken Fadel

The BoC left its benchmark interest rate unchanged at 1.75% today as job creation has picked up and inflation remains in line with set targets.  However, looming trade wars could force a cutting ...

read more
Bank of Canada Rate Announcement - September 4, 2019

Bank of Canada Rate Announcement - September 4, 2019

January 20, 2021 | Posted by: Ken Fadel

The BoC kept its target for the overnight rate unchanged at 1.75% this morning as it warned the U.S.-China trade conflict is having a greater impact on global growth than initially thought. The BoC's ...

read more
Bank of Canada Rate Announcement - July 10, 2019

Bank of Canada Rate Announcement - July 10, 2019

January 20, 2021 | Posted by: Ken Fadel

The BoC left its target for the overnight rate unchanged at 1.75% for a sixth straight time and showed little willingness to consider any easing policy as stronger domestic growth offsets mounting glo ...

read more
Bank of Canada Rate Announcement - April 24, 2019

Bank of Canada Rate Announcement - April 24, 2019

January 20, 2021 | Posted by: Ken Fadel

The BoC kept its target for the overnight rate unchanged at 1.75% for a fourth straight time in an announcement that also included a downgraded 2019 growth forecast.  In January, the ba ...

read more
Bank of Canada Rate Announcement - March 6, 2019

Bank of Canada Rate Announcement - March 6, 2019

January 20, 2021 | Posted by: Ken Fadel

The BoC left its benchmark interest rate unchanged again at 1.75% today, and in doing so signaled that it might remain on the sidelines for an extended period of time. The latest economic data releas ...

read more
Bank of Canada Rate Announcement - January 9, 2019

Bank of Canada Rate Announcement - January 9, 2019

January 20, 2021 | Posted by: Ken Fadel

The BoC kept its target for the overnight rate unchanged in the face of a new gloomier forecast that indicates the country's economy is quickly slowing down. As was the case in December, the BoC ...

read more
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 ...

read more
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: ...

read more
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 ...

read more
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 ...

read more