The Bank of Canada released their statement today and it’s not surprise that they have not changed the overnight rate. The rate which currently rests at 1.75% has remained unchanged since October. The Bank had been gradually increasing interest rates but stopped when they saw that the economy was not performing as expected.
A Reuters poll taken by 40 economists last week has shown that the Bank of Canada will not likely increase interest rates again until the end of 2020. Additionally, there is a 40% chance that we will see them make cuts to rates. The poll cited continued slow economic growth and global trade tensions as reasons for the stagnation.
Making your way down the road to homeownership can be difficult enough. Reaching your goal only to have regrets is the ultimate disappointment. What went wrong for them? And if you haven’t already bought your first home, how can you avoid making the same mistakes?
When rates are lower than what you already have, it’s a good time to consider refinancing. If your mortgage is coming up for renewal you’re in luck. Rates are at near historic lows and are expected to stay that way for at least the rest of the year. If your mortgage isn’t up for renewal anytime soon, it may still be a good idea to consider refinancing.
When you’re looking to buy a home for the first time, it is common to find yourself overwhelmed with the amount of information available to you from friends, family, and the internet. Information overload can leave you feeling unsure where to start. We’re here to tell you that the easiest and most helpful first step is: a pre-approval.
If you’re like most credit card owners, you get your bill each month and stare a little mystified at your interest charges. What does it mean if you have a 19.99% interest rate? How do they calculate how much interest you owe? Is it calculated daily, monthly, annually? What about cash advances and balance transfers? Read along to gain some clarity and a few coping skills.
How much money do you really need for a down payment? Most of us have always been told to aim for 20% down, but in the current economic climate, banks, realtors and other housing professionals have been encouraging a down payment of 5%.
The Bank released a statement last week which said, “Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report.” Whoops. For this reason they have softened their stance on further interest rate increases.
ate in 2017 the Office of the Superintendant of Financial Institutions (or OSFI if you don’t like tongue twisters) announced their mortgage stress test. This was done because housing prices were going up and up, with no peak in sight, the Bank of Canada (BoC) was making continued interest rate hikes, and Canadian households were already at record debt levels.