Here’s a great article that explains there is no reason to panic… This week saw the much expected hike in mortgage rates… Bond market is up around 0.30% but the Banks felt they needed to increase the rates by 0.60%….
Hmmmm…didn’t the Banks just announce some HUGE discounted rates a week or two ago? Talk about a strategic PR move…. Well, that didn’t last long…they have all bumped up the Posted rates…
With the Canadian $dollar just about equal with the $U.S. dollar, there is a little less pressure for the Bank of Canada to raise the overnight rate as aggressively as once thought….we can still expect increases of 0.25% to 0.75% over the next 6 to 12 months but remember that we are well below the 10 yr average of 5.177 and well below the 25 year average of 6.92%....Historically, if the $CAD rises, then the Bank of Canada is less likely to raise rates…
3 main factors to watch that will affect the Bank of Canada Rate…. Inflation, unemployment and the $CAD. Oh, and by the way, here are the 8 preset dates when the Bank of Canada sets the overnight rate.
Tuesday, 19 January 2010
Tuesday, 2 March 2010
Tuesday, 20 April 2010
Tuesday, 1 June 2010
Tuesday, 20 July 2010
Wednesday, 8 September 2010
Tuesday, 19 October 2010
Tuesday, 7 December 2010
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.