In the year 2000 the bank lending interest rate in Canada was 7% but by last year it had fallen to 2.7% while incomes increased, more than doubling the amount that homebuyers could borrow
Reacting the Bank of Canada’s cut in interest rates many economists are predicting they will have to stay low for some time.
Some commentators are nervous of how the interest rate cut will impact the housing market in the months ahead.
CIBC analyst, poll suggests little impact of any rate cut… Confidence index continues to slide… US mortgage banking revenue dips for Wells Fargo… Scotiabank expands global footprint…
Shares in Toronto-based alternative mortgage lender Home Capital Group dropped by up to 15 per cent following disappointing financial results.
The Royal Bank of Canada announced Tuesday that it is selling its Swiss private banking operation RBC Suisse.
Mortgage lender CIBC has opened new branches this week.
National Bank’s annual One for Youth Bicycle Tour has raised $125,000 for Montreal charities.
All eyes are on Bank of Canada governor Stephen Poloz this week as those in the mortgage business await this Wednesday’s decision in interest rates.
There may be speculation that the Bank of Canada could make a second cut to interest rates this year as early as this Wednesday but eventually those rates are going to rise.
Here’s a warning to mortgage brokers; people are less happy to share their financial information than naked pictures of themselves!