Bank of Canada keeps interest rate at 0.25%

The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent and says it will stay there until inflation is back on target.

The central bank’s key rate has remained at its lower effective bound since March when COVID-19 lockdowns plunged the economy into crisis.
In a statement on Wednesday, the central bank’s governing council says that bounce-back activity in the third quarter looks to be faster than it anticipated in July.
But it warns of indicators like an uneven rebound in employment and subdued business confidence that points to a slow and choppy recovery process.
The bank says its key rate will stay at near-zero until economic slack is absorbed and the two-per-cent inflation target is “sustainably achieved.”

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Bank of Canada cuts benchmark mortgage rate to lowest level in three years

House-hunting Canadians saw their buying power increase this week as the benchmark five-year mortgage rate reported by the Bank of Canada fell for the third time this year, easing a key stress test faced by borrowers.
The central bank said the rate fell to 4.79 per cent, after decreasing to 4.94 per cent in May and to 5.04 per cent in March.
James Laird, the co-founder of Ratehub.ca and president of CanWise, said Thursday the lower rates will be a win for some.

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Bank of Canada expected to cut mortgage rate to near record low

Mortgage rates could near a record low as experts expect the Bank of Canada to cut its five-year mark as soon as this week.
CIBC and BMO both cut their five-year mortgage rates by 15 basis points earlier this week to 4.79 per cent.

The Canadian Mortgage Brokers’ Association expects an imminent cut to the benchmark five-year rate, as well. The Bank of Canada is expected to reduce the benchmark qualifying rate from 4.94 per cent to 4.79 this week

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2021 schedule for policy interest rate announcements

Bank of Canada publishes its 2021 schedule for policy interest rate announcements and other major publications, makes change to effective date of rate decisions 

The Bank of Canada today published its 2021 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.

In addition, the Bank published its schedule for the release of the Business Outlook Survey and the Canadian Survey of Consumer Expectations.

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... to help homeowners financially impacted by the COVID-19 outbreak

Canada Mortgage and Housing Corporation (CMHC) Société canadienne d'hypothèques et de logement(SCHL)

We’re working with Genworth and Canada Guaranty to help homeowners financially impacted by the COVID-19 outbreak.
We’ve increased our flexibilities to allow payment deferral of up to 6 months starting now.
Tools available include:
• Deferral of payment
• Re-amortization of the loan
• Capitalization of outstanding interest arrears and other eligible expenses

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'Sucker-punched' banks might hold back rate-cut impact: Mortgage expert

Canadians hoping to nab a cheaper mortgage may be setting themselves up for disappointment, according to one mortgage market expert. 

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Bank of Canada lowers overnight rate target to 1 ¼ percent

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

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In the $1.6-trillion mortgage market Canadians don’t even understand the basics

When it comes to mortgages, a government survey finds most Canadians don’t know their terms from their amortizations

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Morneau Ordered to “Review” Stress Test. What Can We Expect?

The directive from Prime Minister Justin Trudeau to Finance Minister Bill Morneau on Friday was short and sweet: “Review and consider recommendations from financial agencies related to making the borrower stress test more dynamic.” 

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Report finds $5B laundered through B.C. real estate in 2018

An expert panel looking into money laundering in B.C.’s real estate market has found an estimated $5 billion in “dirty money” was laundered through the province’s housing market in 2018.
The panel found that illegal activity contributed to increasing the cost of buying a home in the province by at least five per cent.

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VERICO NVEST+ spring training and 2018 Awards.

VERICO NVEST+ spring training and 2018 Awards.

I was lucky to earn the Executive Club Award!
Thank you to my clients, friends and business partners!

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Update on CMHC’s First-Time Home Buyers Incentive

Details have been few and far between on the government’s new First-Time Home Buyers Incentive (FTHBI) since it was announced in last month’s budget. But CMHC has finally provided a little more clarification.

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Mortgage Industry Reacts to Liberal Budget

Hoping for minor tweaks to the mortgage stress test, the Liberal government’s 2019 budget instead left many in the industry underwhelmed and with more questions than answers.

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Homebuyers to get new mortgage incentive

Can’t afford to buy a house? The government may take on part of the cost.

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Personal Achievement Award-2019 Capital Mortgages

We enjoyed a wonderful evening at ALE - Amberwood Lounge & Eatery last night bestowing our team with some well-deserved awards for their fantastic performance in 2018.

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If you have questions

If you have questions on how to make your mortgage work for your financial plans, talk to me.
I’m a mortgage expert and I’m committed to providing the best mortgage advice to all my clients.

Talk to me :)

Elena Roy
Mortgage Agent
Licence # 12001012

Tel: (613) 697-7801

elena@capitalmortgages.com

Kanata Office
200 - 260 HEARST WAY
KANATA, ON,
K2L 3H1

 

 

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