An Idle Bank of Canada If you forgot about the Bank of Canada rate meeting yesterday, you’re one of many. Nobody made a big deal about it because nobody expected anything earth shattering fromPoloz’s lips. The takeaway is that prime rate remains stuck at 2.70% and it could stay that way for months. The Bank did liftits Canadian growth estimate,...
No rate-cut drama today. The Bank of Canada leftits key lending rate at 0.50% this morning, a move expected by about half the market. Mortgage Impact: Banks weren’t aboutto cut prime bymore than 5-15 basis points anyway (a basis point is 1/100th of a per cent), so this news is not overly momentous for variable-rate mortgage holders—not in the near-term...
A feeling or state of nervousness or excitement caused by wondering what will happen. That’s the definition of suspense. And that’s what the financial community is feeling right now about Wednesday’s Bank of Canada rate meeting. Will “ThePoloz” chop the overnight rate in half, from 0.50% to 0.25%? Or will he stickin “wait and see” mode, and hope thedevalued loonie...
This week the Bank of Canada’s “benchmark rate,” a measureof 5-year posted mortgage rates, dropped to an all-time low of 4.99% (from 5.24%). Thebenchmark rate is an important number usedby lenders to qualify you for a mortgage (i.e., calculate how big of a mortgage you can afford). It’s also used as the basis for: •Cashback mortgage rates •Rate guarantees –...
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