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CategoryMortgage News

Posted Bank News

Bank of Canada Raises Benchmark Interest Rate

Yesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years. 

All of this might seem terrifying. But let me assure you: there’s no need to panic. 

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Posted Mortgage News

Can Canadians Stand Up to a Tougher Stress Test?

Buying a home in Canada just got a lot more stressful. Recently, the OSFI’s stress test has become substantially more challenging to pass – and hardly anyone noticed. The qualifying rate is now as high as 6.00%. If it wasn’t hard enough to purchase a home in Canada, now it’s even harder. And if rates keep going up as they’re predicted to, it’s not going to get any easier.

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Posted Finance

Bank of Canada Raises Rate by 0.25% – Is it Time to Worry Yet?

As predicted, the Bank of Canada raised their benchmark rate a few days ago. No surprises here. And yet, the media will make you feel like this was out of left field. Even worse, they’ll spew fear mongering dribble that the train is off then rail. That every single BoC meeting for the rest of the year will result in a rate pump. That we’re heading for a market crash of epic proportions. So is it time to worry yet?

I’m here to tell you this: turn off the television and take a deep breath. There’s nothing to fear.

Continue reading “Bank of Canada Raises Rate by 0.25% – Is it Time to Worry Yet?”