Craig B. Rushton

The Bank of Canada raised its benchmark interest rate by 0.25% - this is the first increase since 2007 - saying inflation is unfolding as expected and that spillover from the European debt crisis has been limited, while stressing there remains "considerable uncertainty" about an "increasingly uneven" global recovery.

In a statement on the move, Mr. Carney and his rate-setting panel sought to ...

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from monetary and fiscal policies continues to prov ...

On February 16th, the government announced new parameters regarding the application of the government guarantee supporting the mortgage insurance industry, but did not stipulate the rules around qualifying interest rates. Effective April 19th, 2010, the qualifying interest rate used to assess borrower eligibility will change only for loans with an LTV greater than 80% as follows:

Fixed-Rate ...

From Jacqueline Baker, Dominion Lending

'The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies and supported in advanced economies ...

Via: The Vancouver Sun

OTTAWA - Finance Minister Jim Flaherty tightened mortgage rules on Tuesday and, in doing so, may have taken the steam out of a housing market that had seen prices and sales activity rise rapidly over the last year.

For most consumers, the changes are unlikely to make it more difficult to get a mortgage but it could reduce the size of the mortgage an individual consume ...

Via: The Vancouver Sun

OTTAWA - The federal government is set to announce new restrictions for Canadian mortgages on Tuesday, sources say.

The rules are meant to prevent a housing crisis from happening in Canada as interest rates rise, leaving homeowners with mortgages they can no longer afford to pay.

Financial experts speculated last week that the measures may include reducing the minimu ...

With interest rates at an all-time low, many Canadians are taking advantage of the savings by refinancing their mortgages to consolidate debt, make home renovations, invest in real estate or other ventures, or moving up the property ladder.

Following are ways to take even further advantage of this excellent rate environment by paying down your mortgage faster.

Tip #1

Prepay early in the mo ...

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
The Bank reiterated its conditional commitment to hold the current policy rate until the end of the second quarter of 2010. The Bank is of the opinion that the global economic recovery is underway. Total C ...

The Bank of Canada kept its key lending rate at a record low as expected, cautioning that the strengthening currency could "fully offset" recent improvements in financial markets and consumer confidence, and prolong the recession. Policy makers also reiterated they have no plan to change the rate over the next year, and that they still have flexibility to use other measures should more stimu ...

Today, the Bank of Canada announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1/2 per cent in what is expected to be the last such conventional easing from the Bank.

This aggressive move by the Bank of Canada stems from the continued presence of the world-wide credit crunch which has immobilized the global financial system and has led to a rat ...