Archive for canada prime rate
Mortgage rates set to rise next month
Posted by: | CommentsIt seems all but certain that Canadian mortgage rates will be going up next month. With the Bank of Canada prime rate anticipated to increase in June, lending rates at banks are sure to follow.
According to the Globe and Mail, “Almost half a million more mortgage holders would be in trouble if their rates hit 5.25 per cent, a national survey showed” last week.
“The report was compiled from an online survey of 3,000 Canadians, almost 1,800 of whom were home owners with mortgages. The survey was conducted by public-opinion firm Maritz for CAAMP, during April.
Among mortgages created during the past year, two-thirds are in a fixed rate, 29 per cent are variable or adjustable, and 6 per cent are combination mortgages.”
Get the full story at theglobeandmail.com
A recent Financial Post story stated that;
“Canadians listed their homes for sale in record numbers in April as countrywide housing inventory hit levels not seen in almost a year, says the Canadian Real Estate Association.
While the market has not slumped, just about everybody tracking the sector — from economists and builders to real estate executives — say there is nowhere else to go but down in prices and sales.”
Tags: bank of canada, bank of canada prime rate, canadian prime rate, Canadian Mortgage Rates, mortgage rates, canada prime rateCanada Prime Rate Site Updates
Posted by: | CommentsHere are a couple of quick updates to canadaprimerate.ca
You can now follow Bank of Canada Prime Rate updates on Twitter – just click the Follow tab on the right side of your screen.
You can also receive interest rate updates via SMS by texting “follow canadaprimerate” to 21212.
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Tags: prime rate canada, credit score, canada prime rate, Online Credit Report, Canada Prime Rate UpdatesCanada Prime Rate Announcement – April 2010
Posted by: | CommentsAs expected, the Bank of Canada has held its overnight rate steady at 0.25%. Most analysts expect a rate increase in either June or July at the latest.
The major banks are expected to keep their prime rates the same as well. The rates below are effective April 22, 2010.
TD Prime Rate – 2.250%
BMO Prime Rate – 2.250%
ScotiaBank Prime Rate – 2.250%
Royal Bank Prime Rate – 2.250%
Tags: bank of canada prime rate, BMO Prime Rate, prime rate canada, bank of Canada announcement, Canada Prime Rate April 2010, canada prime ratePrime Rate Held at 0.25%
Posted by: | CommentsThe Bank of Canada has held its key interest rate at 0.25% as of this morning. This was widely expected as the Bank has stated that it wants to keep rates down until at least this summer.
Tags: bank of canada prime rate, Canada prime rate March 2010, canadian prime rate, canada prime rate, bank of Canada announcement, prime rate canada, Canada Prime Rate Updates, bank of canadaNext Bank of Canada Prime Rate Announcement
Posted by: | CommentsA quick update. The next Bank of Canada prime rate announcement will be on March 2, 2010. Subscribe to this blog to receive automatic prime rate updates. Thanks.
Tags: bank of Canada announcement, canada prime rate, canadian prime rate, prime rate canada, Canada Prime Rate UpdatesBank Of Canada Interest Rate – December 2009
Posted by: | CommentsThe Bank of Canada has left its key overnight interest rate unchanged at 0.25 per cent.
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.
While significant fragilities remain, global economic developments have been slightly more positive and the global outlook has improved modestly relative to the Bank’s projection in its October Monetary Policy Report (MPR).
In Canada, as expected, the composition of aggregate demand is shifting towards final domestic demand and away from net exports. In the third quarter, the balance of these shifts resulted in weaker-than-projected GDP growth. Core inflation in recent months has been slightly higher than the Bank had projected, although total CPI inflation remains close to projections.
The main drivers and the profile of the projected recovery in Canada remain consistent with the Bank’s views in the October MPR. The Bank continues to expect economic growth to become more solidly entrenched over the projection period and inflation to return to the 2 per cent target in the second half of 2011.
Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target. In its conduct of monetary policy at low interest rates, the Bank retains considerable flexibility, consistent with the framework outlined in the April MPR.
The risks to the outlook for inflation continue to be those outlined in the October MPR. On the upside, the main risks are stronger-than-projected global and domestic demand. On the downside, the main risks are a more protracted global recovery and persistent strength in the Canadian dollar that could act as a significant further drag on growth and put additional downward pressure on inflation. The Bank views all of these risks through the prism of achieving the 2 per cent inflation target.
While the underlying macroeconomic risks to the projection are roughly balanced, the Bank judges that, as a consequence of operating at the effective lower bound, the overall risks to its inflation projection are tilted slightly to the downside.
from Reuters
Tags: bank of canada, Canada Prime Rate Updates, bank of canada prime rate, Canada prime rate December 2009, canada prime rate, bank of Canada announcement
