The Bank of Canada has decided to reduce the overnight rate today. Prime will fall to 3.45% (previously 3.95%). This is great news for variable rate mortgage holders. The next scheduled date for announcing the overnight rate target is April…
Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test.” These changes will come into effect on April 6, 2020. The new…
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is January 22, 2020. Press release
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is December 4, 2019. Press release
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is October 30, 2019. Press release
Good news!! Benchmark rate falls. The Benchmark rate or Qualifying rate ensure borrowers can handle their payments if rates go up. In practice, lenders use the qualifying rate to calculate your debt service ratios. Lenders then check to ensure your…
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is September 4, 2019. Press release
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is July 10, 2019. Press release
The Bank of Canada has decided not to increase the overnight rate today. Prime will remain at 3.95%. The next scheduled date for announcing the overnight rate target is May 29, 2019. Press release