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16 February 2010
Mortgage Rules Have Changed. Effective April 19th
Govt. of Canada changed some mortgage rules today to make it a little harder to get a new mortgage or refinance an existing mortgage. There are 3 changes in rules aimed at home buyers, investors and borrowers who may be planning to refinance. Home buyers Read More...
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21 December 2009
You may need more down-payment next year.
Canadian Govt is considering plans to make it harder for Canadian to buy a home. Finance Minister Jim Flaherty says that conservatives in Ottawa may tighten mortgage eligibility rules to avert a possible housing bubble. The government and Bank of Canada Read More...
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22 July 2009
Interest rate to remain unchanged
Canada's central bank - Bank of Canada - kept its key interest rate unchanged yesterday (July 21st) as expected and said the country's economy is beginning to recover from recession. The central bank said that Canadian economy will shrink by 2.3 Read More...
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04 June 2009
Interest rate unchanged
The Bank of Canada kept its key lending rate at a historic low. The decision to leave borrowing rates unchanged came as no surprise because the central bank said in April it would leave the overnight rate at 0.25 per cent until the middle of next year, Read More...
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21 April 2009
Prime Rate Hits Lowest Level in History
The Bank of Canada cut its key lending rate to another record low today. The target rate for overnight loans between commercial banks is reduced to 0.25 percent, the lowest since Canada's central bank was founded in 1934 and the lowest it can go. Read More...
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21 January 2009
Bank of Canada Makes History - Prime Rate @ 3%
The Bank of Canada has cut its main interest rate by half a percentage point to one per cent - lower than in 1958, when the most-watched policy rate was 1.12 per cent. This cut brings key interest rate to the lowest level in Canadian history. Shortly Read More...
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21 October 2008
Prime Drops To 4%
"Experts" were wrong. Prime rate is down at 4%. TD Canada Trust was the first of big Canadian banks to move on interest rates this afternoon when it announced that it has lowered its prime lending rate by 35 basis points to 4%, effective Oct. Read More...
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21 October 2008
Interest Rate Cut Again. Will Prime Rate Come Down?
The Bank of Canada cut its key interest rate again today (October 21st) by a quarter of a percentage point, attempting to give the Canadian economy a boost. Today's cut follows an unscheduled half-point reduction on Oct. 8 in co-operation with other Read More...
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10 October 2008
Prime Rate Drops To 4.25% With Govt. Help.
Canadian banks moved to lower prime lending rates today. The 2nd cut to prime rate in this week comes after the Canadian government moved to shore up the nation's banks by taking on some of their mortgages in a bid to ease higher borrowing costs. Read More...
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08 October 2008
Unexpected Interest Rate Cut - Prime Rate 4.50%
The Bank of Canada cut its key interest rate by 50 basis points to 2.50 percent today in a coordinated effort with other central banks to help calm the financial markets. The decision to lower its key rate ahead of its scheduled interest rate announcement Read More...
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06 September 2008
Buying Mortgage Insurance? Lender vs Independent
I met with an insurance broker last night and she raised some interesting points while we were talking about mortgage (life) insurance. Most people buy insurance on their life when they get a mortgage to protect their loved ones in case of death of mortgagor. Read More...
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10 July 2008
Get 0 Down Mortgage & 40-Year Amortization While You Can
Starting Oct. 15, 2008 Canadians will no longer be able to purchase a home with a government-backed mortgage with a 40-year amortization and no down payment. The Finance Department said Wednesday it will no longer guarantee 40-year mortgages and will Read More...
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22 April 2008
Bank of Canada cuts interest rate, Prime @4.75%
As expected, The Bank of Canada slashed its key interest rate by half a percentage point and warned of softer economic growth this year. The central bank's key rate now stands at 3 per cent, a full 150 basis points lower than where it stood last fall. Read More...
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21 April 2008
Mortgages for the Self Employed
A lot of self employed people still think they can’t qualify for mortgages. Because Business For Self (BFS) clients usually have a lot of tax write offs, their Notice of Assessments (NOA) show a lower income than the salaried or hourly paid worker. Read More...
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20 April 2008
Prime rate dropping to 4.75%?
The Bank of Canada is widely expected to cut rates by 50bps on Tuesday to 3.00 percent, the lowest target rate since October 2005. Canada's annual inflation rate last month was the slowest since January 2007, as prices for automobiles dropped, giving Read More...
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