8:06 p.m. Update Shell Game: The Bank of Canada has hacked 150 bps off its policy rate in just 23 days. Banks have matched the entire drop with 150 bps of prime rate cuts. BoC Governor Stephen Poloz said that was vital to “cushion” the COVID-19 “blow” for consumers. And, if you only considered banks’ prime rate reductions, they’d look...
Our Big 6 Banks chose not to announce their prime rates following Friday’s surprise Bank of Canada rate drop. Instead, people in a floating rate mortgage or HELOC must wait to learn how the BoC’s move will impact their budgets. Banks could take a few days or more than a week. This isn’t unheard of. Back in 2015, when the...
A lot of folks out there were skeptical that the big banks would show borrowers love and pass along the full Bank of Canada rate cut.Us included. But banks showed they still have a heart and did us right. RBC led the charge by slashing its prime rate 50 basis points to 3.45%. The rest of the bank herd then...
Fears of a slowing economy take rate hikes off the table, and such concerns definitely took a hike off the table today. Canada’s main rate setter, the Bank of Canada, did what most predicted and left rates as-is at this morning’s rate meeting. But the outlook did change. Here’s more on the BoC’s latest decision, and what it means to...
If you’re carrying floating-rate debt, the rate lords at the Bank of Canada have just added to your interest burden. Here’s what the BoC just did and what it means to your wallet: Rate Decision:Canada’s key interest rate rose 25 bps today Prime Rate:Should climb to 3.95% within the week Market Rate Outlook:3 more hikes by year-end 2019 (as of...
Here’s the latest on today’s Bank of Canada rate announcement: Rate Decision:No change in rates Prime Rate:Remains at 3.45% Market Rate Outlook:Two more hikes in 2018 BoC GDP Outlook:2% growth in 2018 and 2019; 1.8% in 2020 BoC Statement:Click here The Money Quote: “…Developments since April further reinforce Governing Council’s view that higher interest rates will be warranted to keep...
RBC waited exactly three hours and 11 minutes to take advantage of the Bank of Canada’s 1/4 point rate hike today. RBC, which is typically Canada’s mortgage rate leader, boostedits prime rate by the same amount, to 3.45%. The other Big 5 banks matched its move within a few hours. Prime Time The new 3.45% prime rate takes effect tomorrow...
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