New Mortgage Calculators

We’ve added a couple of new mortgage calculators to our site.  You can use them to determine how much you can safely borrow towards a mortage and to determine how much CMHC insurance you’ll have to pay if you choose that option. Check them out here:

Mortgage Affordability Calculator

CMHC Insurance Calculator

 

Tags: Canadian Mortgage Calculator, CMHC insurance calculator, mortgage affordability calculator

Posted by Prime Rate Guy - November 19, 2013 at 3:08 pm

Categories: Canadian Mortgage Calculator   Tags: ,

Bank of Canada Rate Stays at 1%, Again.

Here is the latest news on the Bank of Canada interest rate:

September 4, 2013 Ottawa -

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economy continues to expand broadly as expected, but its dynamic has moderated. In the United States, the process of normalization of long-term interest rates has begun in the context of stronger private domestic demand. Recent data, however, point to slightly less momentum overall than anticipated. In Europe, there are early signs of a recovery, and Japan’s situation remains promising. In a number of emerging market economies, financial volatility has increased, adding uncertainty to growth prospects, although China continues to grow at a solid pace. Commodity prices have been relatively stable, with geopolitical stresses putting some upward pressure on global oil prices.

Uncertain global economic conditions appear to be delaying the anticipated rotation of demand in Canada towards exports and investment. While the housing sector has been slightly stronger than anticipated, household credit growth has continued to slow and mortgage interest rates are higher, pointing to a continued constructive evolution of household imbalances. Looking through the choppiness of the recent data, the level of Canada’s GDP is largely consistent with the Bank’s July forecast. The output gap is expected to begin to narrow in 2014.

Inflation in Canada remains subdued. With inflation expectations well-anchored, both core and total CPI inflation are expected to return slowly to 2 per cent as the output gap closes.

Against this backdrop, the Bank has decided to maintain the target for the overnight rate at 1 per cent.  As long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively, the considerable monetary policy stimulus currently in place will remain appropriate. Over time, as the normalization of these conditions unfolds, a gradual normalization of policy interest rates can also be expected, consistent with achieving the 2 per cent inflation target.

Full story

Tags: canadian economy, bank of canada, process of normalization, canada prime rate, household sector, canadian interest rates, overnight rate, global economic conditions

Posted by Prime Rate Guy - September 4, 2013 at 12:20 pm

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Bank of Canada Leaves Interest Rate at 1%

The Bank of Canada has left the benchmark interest rate at 1%.  The slow rate of economic growth was the main factor in leaving the rate at the current level.  According to the bank, “The considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.”

Tags: period of time, monetary policy, economic growth, benchmark interest rate, bank of canada, Bank of Canada, bank of canada prime rate, Canada Prime Rate Updates

Posted by Prime Rate Guy - March 6, 2013 at 10:42 am

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Bank of Canada Interest Rate Announcement Schedule 2013

Here is the Bank of Canada Interest Rate Announcement Schedule for 2013.

January 23
March 6
April 17
May 29
July 17
September 4
October 23
December 4

More details at Bank of Canada

Tags: bank of canada, july 17, bank of canada interest rate, canada bank, Bank of Canada, canada interest rate

Posted by Prime Rate Guy - January 17, 2013 at 11:28 am

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Key Interest Rate Remains at 1%

The Bank of Canada has left the key interest rate at 1%. The Bank stated that while the U.S. economy was starting to expand, there is still continued contraction in Europe and China’s growth was slowing more than expected.

Tags: interest rate, Canada Prime Rate Updates, canada interest rate, canada prime rate, bank of canada, bank of Canada announcement

Posted by Prime Rate Guy - October 23, 2012 at 12:18 pm

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Bank of Canada Interest Rate Remains at 1% September 2012

The Bank of Canada has left interest rates at 1% due to the continuing worldwide slowing of economies. According to the Bank, “the economic expansion in the United States continues at a gradual pace, Europe is in recession and its crisis, while contained, remains acute.”

The Bank of Canada also stated “In China and other major emerging economies, growth is decelerating somewhat more quickly than expected from previously-rapid rates.”

No change is expected in the near future.

Tags: bank of canada prime rate, rapid rates, United States, Bank of Canada, bank of canada interest rate, bank of canada

Posted by Prime Rate Guy - September 5, 2012 at 4:58 pm

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