Mortgage Blog
Category: Announcements (40 posts)
Bank of Canada Rate Announcement - September 6, 2023
September 6, 2023 | Posted by: Ken Fadel
The BoC hit pause on interest rate hikes this morning, leaving its target for the overnight rate unchanged at 5.00%. After increases in both June and July this is the first indication that it believes ...
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Bank of Canada Rate Announcement - July 12, 2023
July 12, 2023 | Posted by: Ken Fadel
As expected, the BoC just increased its target for the overnight rate 25 bps to 5.00%, a level not seen in 22 years. While energy and goods inflation continue to slowly ease, robust demand and tight ...
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Bank of Canada Rate Announcement - June 7, 2023
June 7, 2023 | Posted by: Ken Fadel
The Bank of Canada has hiked its overnight target rate by 25 basis points to 4.75%. The move was partially expected by markets and marks the Bank’s first rate hike since January. In its statem ...
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Bank of Canada Rate Announcement - April 12, 2023
April 12, 2023 | Posted by: Ken Fadel
The BoC announced no change to its benchmark interest rate today, leaving its key rate untouched at 4.50% for a second consecutive month as it continues a careful pivot away from its rate-hiking traje ...
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Bank of Canada Rate Announcement - March 8, 2023
March 8, 2023 | Posted by: Ken Fadel
As predicted, the BoC today held its target for the overnight rate at 4.50%. This is the first break in rate increases since March of last year. The global economy has evolved broadly in line w ...
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Bank of Canada Rate Announcement - January 25, 2023
January 25, 2023 | Posted by: Ken Fadel
As was widely expected, the BoC has announced another 0.25% increase to its target for the overnight rate today. This is the eighth consecutive increase, though it may be the last for awhile.&nb ...
read moreBank of Canada Rate Announcement - December 7, 2022
December 7, 2022 | Posted by: Ken Fadel
The Bank of Canada announced another 50 bps hike to its benchmark rate today, raising the overnight rate to 4.25%. This latest hike sees the rate sitting at a level not seen since 2008. 20 ...
read moreBank of Canada Rate Announcement - October 26, 2022
October 26, 2022 | Posted by: Ken Fadel
The BoC has announced a further 50 bps hike to its benchmark rate today, marking a sixth consecutive increase as it continues to aggressively target inflationary pressures. The rate now sits at ...
read moreBank of Canada Rate Announcement - September 7, 2022
September 7, 2022 | Posted by: Ken Fadel
As expected, the BoC today increased its target for the overnight rate 75 bps to 3.25%, the highest policy rate among major advanced economies. This marks the fifth consecutive rate hike by the ...
read moreBank of Canada Rate Announcement - July 13, 2022
July 13, 2022 | Posted by: Ken Fadel
The BoC raised its key policy interest rate a full percentage point this morning to 2.5%, the largest increase of this size since 1998. This is the fourth consecutive hike to the BoC’s ben ...
read moreBank of Canada Rate Announcement - June 1, 2022
June 1, 2022 | Posted by: Ken Fadel
To no one’s surprise, the BoC just increased it’s target benchmark rate 50 bps to 1.50%. While the 50-basis-point hike was expected, the language in the BoC’s statement suggest ...
read moreBank of Canada Rate Announcement - April 13, 2022
April 13, 2022 | Posted by: Ken Fadel
Earlier today as expected, the BoC took direct aim at inflation by increasing its benchmark overnight rate by 50 bps to 1.00%. This is the first time in 22 years that the overnight rate increased by 5 ...
read moreBank of Canada Rate Announcement - March 2, 2022
March 2, 2022 | Posted by: Ken Fadel
As widely expected, the BoC has announced a 25 bps increase to its benchmark interest rate, which now sits at 0.50%, marking the first time this rate has increased since 2018 and signalling the end of ...
read moreBank of Canada Rate Announcement - January 26, 2022
January 26, 2022 | Posted by: Ken Fadel
The BoC has once again left its benchmark policy rate unchanged at 0.25% in its first announcement of the year but also indicated that it would soon end its commitment to hold its policy rate at the e ...
read moreBank of Canada Rate Announcement - December 8, 2021
January 26, 2022 | Posted by: Ken Fadel
The Bank of Canada has once again stayed the course on interest rates in its final scheduled announcement of the year, keeping its target for the overnight rate unchanged at 0.25% and maintaining its ...
read moreBank of Canada Rate Announcement - October 27, 2021
January 26, 2022 | Posted by: Ken Fadel
The BoC made its seventh interest rate decision of 2021 and for the seventh time, left its target overnight benchmark unchanged at 0.25%. This rate has remained unchanged since March 2020. Th ...
read moreBank of Canada Rate Announcement - September 8, 2021
January 26, 2022 | Posted by: Ken Fadel
The BoC made its sixth interest rate decision of 2021 and was the case for the previous five, left its target for the overnight rate unchanged at 0.25%. This rate has sat at this lever since March 202 ...
read moreBank of Canada Rate Announcement - July 14, 2021
January 26, 2022 | Posted by: Ken Fadel
The BoC published its quarterly Monetary Policy Report today which contained updated growth and inflation projections in addition to its fifth interest rate decision of 2021. As expected, the BoC lef ...
read moreBank of Canada Rate Announcement - June 9, 2021
January 26, 2022 | Posted by: Ken Fadel
This morning the BoC again left its target overnight benchmark rate unchanged at 0.25%. It also provided some positive thoughts on both the state and outlook of the Canadian economy. First quar ...
read moreBank of Canada Rate Announcement - March 10, 2021
January 26, 2022 | 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 moreBank of Canada Rate Announcement - April 21, 2021
January 26, 2022 | 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreBank 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 moreOSFI 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 moreNew 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 moreBank 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 moreImproved 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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