The Bank of Canada hiked its target for the overnight lending rate by 50 basis points to 3.75% while continuing its policy of quantitative tightening on Wednesday, October 26. Additionally, it was stated the policy rate could rise further given elevated inflation and inflation expectations as well as ongoing demand pressures in the economy. Following…
For the first time since 2018, the Bank of Canada (BoC) increased its target for the mortgage-influencing overnight rate earlier this year, kick-starting what’s predicted to be one of many increases to mortgage rates in 2022. Experts have slightly different takes on where the overnight rate—which influences how banks will determine their own lending rates—will…
The Office of the Superintendent of Financial Institutions (OFSI) and the Minister of Finance, Canada’s banking regulators, tightened the rules around the mortgage stress test on June 1. Under the new requirements, all mortgage applicants must be able to afford their mortgage at an interest rate of 5.25 per cent or two per cent over…
In its simplest form, title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership. What started years ago as a replacement for a survey certificate has now become standard on real estate purchase or refinance transactions. If you are buying or refinancing your home, expect title…
