The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North …

Now that Canada’s new mortgage stress test rules have been in place since January 1, arming home buyers with a best practices tool kit is in order. Introduced by the Office of the Superintendent of Financial Institutions (OFSI), the new stress test requires the qualifying rate for an uninsured mortgage to be the greater of the Bank of Canada’s benchmark …