No increase in mortgage costs seen for Sept.
Filed Under Main Content · Tagged: Bank Of Canada, Bank Of Canada Governor, Bank Of Montreal, Barrage, Canadian Economy, Economists, Fixed Rate Loans, Gross Domestic Product, Interest Rate, Likelihood, Mark Carney, Mortgage Costs, Mortgage Experts, Mortgage Rate Comparison, Online Mortgage, Product Numbers, Rate Mortgages, Second Quarter, Slowdown, Toronto Sun
Toronto Sun- Homeowners aren’t likely to face higher mortgage costs for at least the next month and some banks may even follow the Bank of Montreal in cutting new fixed-rate loans to compete for a dwindling number of buyers, specialists said.
According to a panel of mortgage experts polled by online mortgage rate comparison site RateSupermarket.ca, both fixed-rate and floating rate mortgages will remain unchanged for the next 30 to 45 days.
The sharper-than-expected slowdown in the Canadian economy, which grew at 2% in the second quarter, coupled with a barrage of negative data from the U.S., has increased the likelihood that Bank of Canada governor Mark Carney will pause in his interest rate tightening cycle in September.
Before Tuesday’s gross domestic product numbers, most economists had expected one more increase before rates went on hold…
No increase in mortgage costs seen for Sept. | Money | Toronto Sun
Canadian economy grows 5%, tops forecasts
Filed Under Main Content · Tagged: Bank Montreal, Bank Of Canada, Bank Of Montreal, Burst, Canadian Economy, Deputy Chief Economist, Douglas Porter, Fourth Quarter, Globe And Mail, Globe Mail, Gross Domestic Product, Interest Rate Decision, Interest Rate Hikes, Interest Rates, Likelihood, Montreal Canadian, Odds, S Gross, Second Half, Statistics Canada
Globe and Mail- The Canadian economy expanded by a greater-than-expected 5 per cent in the fourth quarter, raising the likelihood of interest rate hikes later this year.
The country’s gross domestic product grew at the fastest annualized pace since the third quarter of 2000, Statistics Canada said Monday.
The economy’s burst boosts the odds of a string of rate hikes in the second half of the year. The Bank of Canada announces its interest-rate decision tomorrow, and while rates are on hold for now, the tone of the announcement could well acknowledge that growth is picking up speed at a faster pace than anticipated.
“This report shouts strength, and increases the odds the Bank of Canada will begin to hike interest rates in July and stay on that path in the following decisions,” said Douglas Porter, deputy chief economist at Bank of Montreal…
Canadian economy grows 5%, tops forecasts – The Globe and Mail
Canadians put the brakes on borrowing
Filed Under Main Content · Tagged: 12 Months, Brakes, Canadians, Likelihood, Mortgage Arrears, Times Colonist Victoria
Times Colonist, Victoria, BC – He said mortgage arrears had risen from the record low of 0.24% in 2007 to 0.33% — the highest rate since 2003. “The likelihood is that this rate will continue to climb over the next 6-12 months,”…
