Up to 80% of variable-rate borrowers have hit their trigger rate: National Bank Nearly 8 in 10 fixed-payment variable-rate borrowers have hit their trigger rate, according to data from National Bank of Canada.
Reverse mortgages are booming amid Canada’s turbulent rate environment High rates haven’t stopped Canadians from tapping their home equity by way of reverse mortgages.
The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. Global inflation remains high and broad-based. Inflation is coming down in many countries, largely reflecting lower energy prices as […]
OTTAWA, ON – The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate hike of the cycle. The rate increase marks the eighth consecutive hike since March as the central bank fights off decades-high inflation. Its key interest […]
The latest in mortgage news: Arrears rate rises from its all-time low Canada’s national arrears rate ticked up from its all-time low in October, according to data from the Canadian Bankers Association.
Bank CEOs weigh in on “vulnerable” mortgage clients Canada’s Big-Bank CEOs weighed this week in on the current state of their mortgage clients, including those they consider “vulnerable” in the event of a recession.
The latest in mortgage news: Government unveils details of its foreign buyer ban The government unveiled details of its foreign buyer ban on residential properties earlier this week, just days before the rules are set to take effect.
The Latest in Mortgage News: Bank of Canada “still prepared to be forceful” The Bank of Canada has indicated its future rate decisions will be driven by economic data, but that it is “still prepared to be forceful” should the need arise. Deputy Governor Sharon Kozicki made the comment during a speech on Thursday, in which she spoke about this week’s rate decision and the Bank’s shift towards becoming more “data-dependent.” “We indicated that going forward, we will be considering whether to increase rates further. By that, we mean that we expect our
National Bank to bring back its mortgage portability feature this week National Bank of Canada made headlines last week after it was revealed the bank had quietly removed borrowers’ ability to “port” their mortgage to a new home.