Canada’s current prime rate: Latest updates and historical trends
Oct 11, 2024 · The prime rate is the interest rate that commercial banks charge their most creditworthy clients—typically large corporations. In Canada, the prime rate is closely tied to the Bank of Canada’s overnight lending rate, which is the interest rate at which banks borrow and lend between each other.
Mortgage Rates & Mortgage Broker News in Canada - Home Page
RBC warns of rising mortgage losses through 2025 with upcoming renewals. BoC rate cuts will ease pressure, but mortgage renewal shocks still loom, RBC says. Scotiabank hits “inflection point” with successful multi-product mortgage strategy. BMO reports rising mortgage delinquencies and loan loss provisions in Q3.
2019 – Year in Review - Mortgage Rates & Mortgage Broker News …
Dec 31, 2019 · Qualified borrowers shopping for an insured 5-year fixed rate in September could find rates as low as 2.39% vs. 3.24% in January. That’s a savings of $43.14 per month per $100,000 of mortgage, or more than $4,000 over the five-year term. Economists at National Bank said the “free-fall in financing costs” seen this year was the most ...
OSFI to eliminate stress test for uninsured mortgage switches …
Sep 25, 2024 · Why the change? This policy shift marks a departure from OSFI’s stance earlier this year. As recently as June, the regulator had doubled down on maintaining the stress test for uninsured mortgage switches, citing the need for sound risk management.. However, OSFI told Canadian Mortgage Trends there are two key reasons behind its reversal. “First, we are listening to what we have heard from ...
What the Bank of Canada’s 50-bps rate cut means for borrowers
Oct 23, 2024 · With the Bank of Canada announcing yet another interest rate cut—a half-point reduction this morning—its key policy rate has now fallen to a two-year low of 3.75%. This is the fourth rate cut this year, continuing to lower interest costs for …
Trump’s win is already driving mortgage rate hikes in Canada
Nov 7, 2024 · Proposed corporate tax cuts and deregulation are likely to enhance profitability for Canadian banks with substantial U.S. operations, such as Bank of Montreal, Scotiabank and TD Bank, positioning them to gain from a friendlier regulatory environment south of the border.
CIBC forecasts ‘supersized’ Bank of Canada rate cut by year end
Sep 14, 2024 · With inflation nearly under control—headline CPI has eased to 2.5%—CIBC’s chief economist Avery Shenfeld suggests that shifting concerns to weakening economic conditions could prompt the central bank to move more quickly to ease rates. “With inflation soon to be vanquished, and real interest rates still at restrictive levels,
Mortgage industry braces for FINTRAC's new AML rules starting …
Oct 10, 2024 · FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) is the federal body responsible for monitoring and analyzing financial transactions to combat money laundering, terrorist financing, and sanctions evasion.
Glengarry and FCC partnership brings $60-million cash injection …
5 days ago · Recognizing the unique challenges farmers face, Farm Credit Canada (FCC) has committed $60 million to Glengarry Farm Finance Corporation, aimed at providing farmers with the financial flexibility needed to weather temporary setbacks …
Fixed mortgage rates are falling again. Here’s why
Aug 1, 2024 · The lowest nationally available deep-discount uninsured 5-year fixed rate was down roughly 25 basis points (0.25%), according to data from MortgageLogic.news. Other terms have seen reductions ranging anywhere from 5-20 bps. Among the Big 5 banks, CIBC this week trimmed nearly all of its special-offer rates an average of 20 bps.