Posts Tagged 'canadian economy'

HomeTag: canadian economy

New stricter mortgage rules come into effect today-New amortization period reduced to 25 years

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New rules Ottawa announced last month that will tighten Canada’s mortgage industry go into effect today, but a major Canadian bank says many people are unaware of what exactly is changing.

In June, Finance Minister Jim Flaherty unveiled major changes to the limits of what the Canada Mortgage and Housing Corporation is allowed to insure, effectively tapping the brakes on a housing industry that many experts worry has become too hot.

Starting Monday, lenders can only issue home equity loans up to ...

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9
JUL
0

Categories: Bank of Canada, Blog, Canadian Economy, Finser Blog, Market Trends, Real Estate, Residential Mortgages, What's New

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New mortgage rules may dampen economic growth: Flaherty

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OTTAWA — Finance Minister Jim Flaherty says he realizes tightening mortgage rules could slow economic growth and cool the housing market, but that he’s prepared to take the risk.

Flaherty says he took action last week because there was no sign of a let-up in the hot condo market in major cities and because many Canadians can’t seem to resist the lure of low mortgage rates.

TD Bank has estimated that Ottawa’s move to reduce the maximum amortization period to 25 years ...

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30
JUN
0

Categories: Bank of Canada, Canadian Economy, Finser Blog, Market Trends, Real Estate, Residential Mortgages

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Bank of Canada holds overnight rate steady for 12th time

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Ottawa, Ontario -

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The heightened uncertainty around the global economic outlook has decreased in the weeks since the Bank released its January Monetary Policy Report (MPR). With tentative signs of stabilisation in European bank funding and sovereign debt markets, conditions in global financial markets have ...

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8
MAR
0

Categories: Bank of Canada, Canadian Economy, Market Trends, Real Estate, Residential Mortgages

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