Last week the BoC cut its policy rate by another 0.50% and our policy makers took other unprecedented steps to limit the economic damage being done by COVID-19.
Canadian mortgage rates surged higher last week, which surprised borrowers. In today's post I explain why that happened and offer advice to four different groups of borrowers on how to navigate through the COVID-19 crisis.
The Bank of Canada and the U.S. Federal Reserve continued to slash their policy rates last week. My next fixed vs. variable simulation will be postponed until these five key questions are answered.
The Bank of Canada (BoC) meets this week and the consensus believes the Bank will finally cut its policy rate. Today’s post outlines the factors that are driving that view, and offers my take on why I think the BoC will stand pat (tough call though that is).
Last week our federal government announced that it will change the way the Bank of Canada calculates the stress-test rate that lenders use to qualify all insured mortgage applications. In today’s post I will explain what changed and offer five key observations relating to it.
The terms and conditions in your mortgage contract can have a surprisingly significant impact on your overall borrowing cost. My link in today's post provides a detailed example.
Last week TD Bank lowered its posted five-year rate to 4.99%. TD’s move by itself isn’t enough to drop the stress-test rate. Other Big Six banks will need to follow. That’s where this gets interesting.