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- The Bank of Canada announced today that it will be holding the line on any Bank interest rate changes at this time. With a slower Canadian economy (projected GDP growth of 1.5%) vs. the US (projected GDP growth of 2.8%), there is definitely a divergence in trend between the U.S. and Canada. The Bank Rate will remain at 0.5% and the Prime Rate of interest with major FI's should remain at 2.7%. It would be handy for the BOC to lower… Read More
- Canada is raising minimum down payments on some government-insured mortgages, a move aimed at curbing the risk of a housing crash in Toronto and Vancouver where high prices are leaving some families at risk from heavy debt loads. Finance Minister Bill Morneau announced the plans on Friday morning in Ottawa. The required down payment on homes worth at least $500,000 will rise to 10 per cent from 5 per cent starting Feb. 15, 2016 — however the higher threshold will only… Read More
- Today the Bank of Canada announced that it will maintain its key overnight rate for the time being. In its announcement, the Bank said it will maintain the target for the overnight rate at ½ percent due to global and domestic growth that is in line with its October Monetary Policy Report Outlook. With the US economy continuing to grow at a solid pace and commodity prices continuing to decline, the Bank predicts a prominent theme in the months to come will… Read More