VIDEO: COVID-19 and Mortgage Rates

VIDEO: COVID-19 and Mortgage Rates

Two weeks ago the Bank of Canada lowered it’s overnight rate by a half percent. This was the largest single day drop since 2008. Just over a week later on Friday the 13th, they did it again in an unscheduled rate announcement.

The major banks didn’t immediately follow suit, but as of today we have seen the banks pass along the full half percent rate drop again.

No Change to Overnight Rate

No Change to Overnight Rate

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...
Refinancing While Rates Are Low

Refinancing While Rates Are Low

The Bank of Canada announced on Wednesday that they will not be changing their overnight rate which is currently 1.75%. The rate has remained unchanged for the last six months (October 2018) and is expected to hold steady for at least most of this year, if not part of...
No Change to Bank of Canada’s Overnight Rate

No Change to Bank of Canada’s Overnight Rate

More and more it seems that The Financial Powers That Be have had bigger more aggressive plans than consumers were ready for. Back in 2017 and through most of 2018 the Bank of Canada was confident that several interest rate hikes in steady progression would be...