Alexandru Matei Mortgage Broker Ontario

       The Bank of Canada today maintained its target for the overnight rate at 2.75% , with the Bank Rate at 3% and the deposit rate at 2.70%. The major shift in direction of US trade policy and the unpredictability of tariffs have increased uncertainty, diminished prospects for economic growth, and raised inflation expectations. Pervasive uncertainty makes it unusually challenging to project GDP growth and inflation in Canada and globally. Instead, the April Monetary Policy Report (MPR) presents two scenarios that explore different paths for US trade policy. In the first scenario, uncertainty is high but tariffs are limited in scope. Canadian growth weakens temporarily and inflation remains around the 2% target. In the second scenario, a protracted trade war causes Canada’s economy to fall into recession this year and inflation rises temporarily above 3% next year. Many other trade policy scenarios are possible. There is also an unusual degree of uncertainty about...

       The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth. However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada. The economic outlook continues to be subject to more-than-usual uncertainty because of the rapidly evolving policy landscape. After a period of solid growth, the US economy looks to have slowed in recent months. US inflation remains slightly above target. Economic growth in the euro zone was modest in late 2024. China’s economy has posted strong gains, supported by government policies. Equity prices have fallen and bond yields have eased on market expectations of weaker North American growth. Oil prices have been volatile and are trading below the ...

       The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. 1 The Bank is also announcing its plan to complete the normalization of its balance sheet, ending quantitative tightening. The Bank will restart asset purchases in early March, beginning gradually so that its balance sheet stabilizes and then grows modestly, in line with growth in the economy. 2 Projections in the January Monetary Policy Report (MPR) published today are subject to more-than-usual uncertainty because of the rapidly evolving policy landscape, particularly the threat of trade tariffs by the new administration in the United States. Since the scope and duration of a possible trade conflict are impossible to predict, this MPR provides a baseline forecast in the absence of new tariffs. In the MPR projection, the global economy is expected to continue growing by about 3% over the next two years. Growth in the United St...

       The Bank of Canada today reduced its target for the overnight rate to 3¼%, with the Bank Rate at 3½% and the deposit rate at 3¼%. The Bank is continuing its policy of balance sheet normalization. The global economy is evolving largely as expected in the Bank’s October Monetary Policy Report (MPR). In the United States, the economy continues to show broad-based strength, with robust consumption and a solid labour market. US inflation has been holding steady, with some price pressures persisting. In the euro area, recent indicators point to weaker growth. In China, recent policy actions combined with strong exports are supporting growth, but household spending remains subdued. Global financial conditions have eased and the Canadian dollar has depreciated in the face of broad-based strength in the US dollar. With inflation around 2%, the economy in excess supply, and recent indicators tilted towards softer growth than projected, Governing Council decided to redu...

       The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization. The Bank continues to expect the global economy to expand at a rate of about 3% over the next two years. Growth in the United States is now expected to be stronger than previously forecast while the outlook for China remains subdued. Growth in the euro area has been soft but should recover modestly next year. Inflation in advanced economies has declined in recent months, and is now around central bank targets. Global financial conditions have eased since July, in part because of market expectations of lower policy interest rates. Global oil prices are about $10 lower than assumed in the July Monetary Policy Report (MPR). Dates Target January 24 5.00% March 6 5.00% April 10 5.00% June 5 4.75% July 24 4.50% September 4 4.25% October 23 3...

       Many homeowners have extra space they may want to convert into rental suites, such as an unused basement, or a garage that could be converted into a laneway home. Historically, the cost of renovating, combined with municipal red tape, has made this both difficult and expensive. Recent municipal zoning reforms in Canada’s major cities, made possible through Housing Accelerator Fund agreements, are creating new opportunities for homeowners to add additional suites and increase density. New rental suites would provide more homes for Canadians and could provide an important source of income for seniors continuing to age at home. In Budget 2024, the federal government announced its intention to make targeted changes to mortgage insurance rules to encourage densification and enable homeowners to add more units to their homes. Today, the government is releasing details for lenders and insurers to offer this new insured mortgage refinancing product, effective January ...

       The Bank of Canada today reduced its target for the overnight rate to 4¼% , with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization. The global economy expanded by about 2½% in the second quarter, consistent with projections in the Bank’s July Monetary Policy Report (MPR). In the United States, economic growth was stronger than expected, led by consumption, but the labor market has slowed. Euro-area growth has been boosted by tourism and other services, while manufacturing has been soft. Inflation in both regions continues to moderate. In China, weak domestic demand weighed on economic growth. Global financial conditions have eased further since July, with declines in bond yields. The Canadian dollar has appreciated modestly, largely reflecting a lower US dollar. Oil prices are lower than assumed in the July MPR. Dates Target January 24 5.00% March 6 5.00% April 10 5.00% June 5...

  The Bank of Canada  on July 12 increased its target for the overnight rate to 5% , with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.  Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to...

    Fixed Rate and Variable Rates: Pros and Cons...

    “Life is full of opportunities, but if you don’t take action it doesn’t matter…” About 10 years ago I have made the decision to spend more time with my Family. As some or many of you know working as an Executive may require 12-16 hours a day every day, sometime more, and the time spend with your kids it is less and less or almost none. When making the decision to leave the Hospitality Industry as an Executive for Hilton and Marriott Properties to become Self Employed and Be one of the Best Mortgage Brokers, beside my wife and my family almost No one agreed it will be better for Us. And I did it! I Thank God every day and Many of My Clients who put their Trust in Me; I’d like to Thank them for giving me the Opportunity to meet, assist, and guide them obtaining the Best Mortgage Package according with their needs. I strongly believe that if we set something in our minds and work towards it, Anyone can make it. It has been very hard but as you all know what is easy? Beli...

  The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening. Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high. While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability. In the United States, the economy is slowing, although consumer spending remains surprisingly resilient and the labour market is still tight. Economic growth has essentially stalled in Europe but upward pressure on core prices is persisting. Growth in China is expected to slow after surging in the first quarter. Financial conditions have tightened back to those seen before the bank failures in the United States and Switzerland. C...

  Summary (updated April 2023) The prime rate in Canada as of April 12, 2023 is 6.7%. (last change: +0.25% on January 26, 2023) On Wednesday, April 12th, 2023, The Bank of Canada announced that it will hold the key interest rate at  4.50%  and will be continuing their pause on rate hikes for the near future while they look closely at the economy to determine future policy. The continued pause on rate hikes was largely predicted by Canada’s economists. With news of the Silicon Valley Bank failure, bond yields (which influence fixed mortgage rates) dipped significantly. However, the market has now stabilized. Bank economists believe that there will be no more rate hikes for the rest of the year and to possibly expect rate cuts in 2024. 2023 Predictions (updated for Spring 2023) Expectations that rate hikes are done for the remainder of the year look all but certain at this point. We look forward to seeing if the projected rate cuts in late 2023 will materialize. We predict ...

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