This morning, September 4, 2024, the Bank of Canada announced another decrease to their policy interest rate by 25 basis points from 4.50% to 4.25% offering more relief to Canadian consumers. This is the rate used by the big banks to determine their prime lending rate. Therefore Prime Rate should be lowered to 6.45% in […]

BREAKING NEWS: Bank of Canada has left its key interest rate unchanged For the first time in a year, the Bank of Canada has lefts its overnight target rate unchanged, keeping it at 4.50%. In a statement released this morning, the Bank noted, “Global economic developments have evolved broadly in line with the outlook in […]

This morning the Bank of Canada announced an increase to their policy interest rate by 50 basis points from 3.25% to 3.75% as they continue their quantitative tightening. This increase in the Bank of Canada rate will mean a change to the Prime Lending Rate. Banks and other financial institutions will raise their prime rate […]

As you may have heard, the Bank of Canada recently changed the stress test rules as of June 1, 2021. With these changes, now both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The new qualifying rate on uninsured mortgages – where the down payment […]