For the first time in 22 years the Bank of Canada has decided to raise the overnight rate today by 0.50% (two regular 0.25% increases). Expect Prime to rise to 3.20% (previously 2.70%). The next scheduled date for announcing the…
The Bank of Canada has decided to raise the overnight rate today by 0.25%. It’s the first rate increase since October 2018. Expect Prime to rise to 2.70% (previously 2.45%). The next scheduled date for announcing the overnight rate target…
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is March 2, 2022. Press release
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is January 26, 2022. Press release
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is Dec. 8, 2021. Press release
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is Oct. 27, 2021. Press release
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is Sep 8, 2021. Press release
The Bank of Canada has decided to maintain the overnight rate today. Prime will remain at 2.45%. The next scheduled date for announcing the overnight rate target is July 14, 2021. Press release
On May 20, 2021 OFSI announced a new qualifying rate for UNINSURED mortgages, now the Federal Government is following suit. As of June 1, 2021, the minimum qualifying rate for ALL mortgages (uninsured and insured) will be the greater of…
As of June 1st, uninsured mortgages must qualify at the greater of a 5.25% interest rate or the contract rate plus 2%. You can read the formal announcement here.