Craig B. Rushton

Today the Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent.

The global economic recovery is proceeding broadly in line with the Bank’s expectation, although risks remain elevated. U.S. activity is solidifying and remains supported by stimulative fiscal and monetary policies. The pace of the European economic recovery is buoyed down by the ...

With interest rates still at historic lows, the housing market looks affordable for many families across Canada and yet far from reach for many others. Can you guess who?

As the old saying goes "the rich get richer and the poor get poorer" and here in Canada, it's the truth! It’s note surprising to learn that according to CMHC “a typical homeowner went from being 18 times wealthier than a ty ...

Via: 24 Hours

The level of mortgage debt in Canada has topped $1 trillion, though most homeowners are comfortable with their borrowings and rising interest rates aren't likely to cause problems, according to a new report.

As of August, there was $1.01 trillion in outstanding mortgage debt in Canada, up 7.6% from last year, according to the sixth annual report from the Canadian Association of ...

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 provi ...

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 consumer ...

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 minimum ...

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 mortg ...