Bank of Canada rates rise again. How will it affect you?

Bank of Canada rates rise again. How will it affect you?

The Bank of Canada announced this week that they were increasing their overnight rate by 25 percentage points, the third such raise in less than a year. The rate increase also comes on the heels of last month’s announcement to hold the line on interest rates. The bank...
Bank of Canada surprises investors; keeps rates the same

Bank of Canada surprises investors; keeps rates the same

Earlier this week, the Bank of Canada announced that they are holding the line again on interest rates, keeping their overnight rate at 1%. The bank noted that several economic factors appear to be improving: Very strong Canadian growth Improved wages Robust consumer...
Are interest rates on their way up again? Maybe not.

Are interest rates on their way up again? Maybe not.

The year is coming to an end, and it appears that the federal government has finished with significant regulatory changes affecting home ownership and mortgage lending in Canada. Their overall objective was to introduce measures intended to “cool” the housing market...
More rule changes mean more reasons to use a mortgage broker

More rule changes mean more reasons to use a mortgage broker

The next new mortgage regulation, which comes into effect 1 January 2018, will require borrowers to qualify based on a rate that is 2 percentage points above the contract rate or the Bank of Canada posted 5-year rate (currently 4.89%), whichever is higher. The “stress...
New mortgage rules coming in 2018

New mortgage rules coming in 2018

Earlier this week, the Office of the Superintendent of Financial Institutions released details of mortgage changes that will take effect 1 January 2018. The most significant change is a new stress test for homebuyers with uninsured mortgages (typically mortgages with...
So why did interest rates go up again?

So why did interest rates go up again?

Stephen Poloz, the governor of the Bank of Canada, seemed to surprise a few with the decision to raise the benchmark rate again. The .25 point increase last month pushed the rate to 1% and is the second increase since the start of the summer. The bank prime benchmark...