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Bank of Canada leaves overnight rate at 1%

Posted on: January 18th, 2011

BoC leaves overnight rate at 1.00%, nudges up economic outlook

  • As widely expected, the Bank of Canada (BoC) left its overnight interest rate unchanged at 1.00% for a third consecutive meeting. Continue Reading »

Flaherty Details New Mortgage Rules

Posted on: January 17th, 2011

Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada’s mortgage rules.

Finance Minister Jim Flaherty announced Monday that new federal rules will reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. Continue Reading »

RBC Cuts 5-Year Rate As Yields Rise

Posted on: November 9th, 2010

We can’t help but love how RBC enjoys going counter-trend.

With bond yields* making 40-day highs, RBC has deemed it appropriate to lower its 5-year fixed rates by 10 basis points.

If other banks follow suit as usual, posted will drop to 5.19%.  That’s Canada’s lowest posted long-term mortgage rate since the 1950s.

This is the kind of contrary thinking we like, but hopefully it lasts. Continue Reading »