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Canada’s Core Inflation Rate Dips in March

A surprising drop in Canada’s inflation rate for March is raising hopes that the Bank of Canada will hold interest rates steady. According to Reuters, Canada's annual core inflation rate dropped to 1.7 percent in March from 2.1 percent. Part of the drop is attributed to a drop in travel and accommodation prices following the Winter Olympics. Rate watchers had predicted the core rate would drop ...

How Do New Mortgage Rules Affect You?

New mortgage restrictions announced in February by Finance Minister, Jim Flaherty, are now in effect. They are: •Borrowers must now qualify for five-year fixed mortgage rates even if they are applying for shorter-term, variable rates. •The maximum amount that Canadian home owners can withdraw for mortgage refinancing drops to 90% from 95% of the value of their properties. •To qualify for government-backed ...

Canadian Financial Institutions to Fight Global Bank Tax

Canada is holding its stance against an International Monetary Fund proposal that would introduce a global bank tax to hedge against future financial meltdowns. The proposal calls for taxes on bank profits and compensations, as well as borrowing. In an opinion article for London’s Financial Times, Canada’s leading financial institutions – the Toronto Dominion Bank, Bank of Montreal, Canadian Imperial ...

Caution Raised in Rush to Lock In Mortgages

Lately, it’s hard to keep up with news reports of mortgage interest hikes. Canada’s major banks have raised longer-term mortgage rates twice in the past two weeks in anticipation of a rise in the Bank of Canada rate. Should potential homebuyers be worried? In an April 14 article by the Canadian Press , CIBC economist Benjamin Tal questions how much the Bank of Canada rate can really rise over ...

Investors: 50% Probability of Mortgage Rates Rising by June 1

On April 13, major banks hiked interest rates – leading into what may be the busiest period of home buying activity in recent memory, says the Financial Post. Eric Lascelles, chief economics and rates strategist for the Toronto-Dominion Bank TD Securities Unit, told reporters that investors now agree that there is a 50% probability that Bank of Canada rates will increase as early as June 1. ...
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