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BOC Economic Bandage Continues

In Bank of Canada by Vancouver Mortgage Broker

Overnight interest rates were held again today by the Bank of Canada (BOC) as was the Quantitative Easing program of $2 billion in purchases per week. The BOC states: “The global economic recovery continued through the second quarter, led by strong US growth, and had solid momentum heading into the third quarter. However, supply chain disruptions are restraining activity in …

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Quantitative Easing Eased

In Stories by Vancouver Mortgage Broker

The Bank of Canada maintained it’s overnight rate today leaving variable mortgage & line of credit rates unchanged. The Bank did however announce it will be reducing it’s Quantitative Easing from it’s current $3 billion weekly to $2 billion weekly.  As these purchases ease there is added pressure for fixed mortgage rates to increase. Quotes from today’s press release: “This …

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Vaccinations Giving a Healthier Outlook

In Stories by Vancouver Mortgage Broker

The Bank of Canada held interest rates today and has made no further changes to their quantitative easing program. With increased vaccinations across the globe, economic activity is growing in most countries.  The Bank had this to say about Canada specifically: “With vaccinations proceeding at a faster pace, and provincial containment restrictions on an easing path over the summer, the …

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Earlier Rate Hikes?

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

The Bank of Canada held it’s overnight rate today keeping mortgage variable rates the same. They will however be reducing the weekly net purchases of Government of Canada bonds to $3 million weekly as of April 26, 2021 (currently purchasing $4 million weekly).  This could put some stress on fixed mortgage rates to rise. The Bank also hinted of an …

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No Changes says the Bank of Canada

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

There were no changes or major announcement at today’s Bank of Canada (BOC) meeting.  The overnight rate, and therefore bank lending prime rates remain the same.  The Banks’ quantitative easing program also continues at a spend of $4 billion weekly. The BOC reports: “The global economy is recovering from the economic effects of COVID-19, albeit with ongoing unevenness across regions …

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Rates Held, Quantitative Easing Continues

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

The Bank of Canada maintained it’s overnight target rate at 0.25 %. Variable rate mortgage & line of credit holders interest rates remain the same.  Prime rate is currently at 2.45% for most Canadian lenders. The Bank is also maintaining it’s quantitative easing program at $4 billion per week which is keeping fixed mortgage rates low. The BOC states: “The …

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BOC Holds & Supports Continued Low Rates

In Bank of Canada, Interest Rate Trends by Vancouver Mortgage Broker

Bank of Canada (BOC) maintained the overnight rate at 0.25% today meaning no change to variable rate mortgages & lines of credits. The BOC states: “As the economy recuperates, it will continue to require extraordinary monetary policy support. The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the …

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CMHC to change their name

In First Home, Stories by Vancouver Mortgage Broker

The Canada Mortgage and Housing Corp. Will be changing their name in the coming months. According to Evan Siddall “the housing agency needs a new name to reflect how its mandate has changed to be about more than just home ownership and mortgages” They feel as though the name overemphasizes the financing of home ownership and not enough to highlight …

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BOC remains at target rate of 0.25%

In Bank of Canada, Coronavirus, Interest Rate Trends, Stories by Vancouver Mortgage Broker

The Bank of Canada maintained it’s overnight target rate at 0.25 %. This means all variable rate mortgage and credit line holders will remain steady in their variable rate. Prime rate is currently 2.45% with the majority of Canadian lenders (with some being at 2.60%).  The bank is also continuing its quantitative easing program, with large scale asset purchases of …