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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

9 March 2020

More chances of a rate cut by the BoC because of the largest stocks decline since 1987

Canada’s markets are taking punches from all sides, as the oil prices sharp decline affected the country which is one of the most vulnerable in terms of the commodity sector among the Group of Seven.

Stocks fell by 10% marking the largest decrease since October 1987. Meanwhile, the Canadian dollar also went down, and government bond yields reached a record low level, as investor now are more pessimistic concerning economy that hardly showed any growth in Q4 and is dealing with the coronavirus impacts.

The S&P/TSX composite index was down by 9% and then the drop reached 10%. The benchmark was down by 7.2% in 10:03 a.m, heading towards its largest decline since December 2008.

6 March 2020

Poloz hints at more rate cuts

According to the Bank of Canada Governor Stephen Poloz, the national economy's resilience may face significant tests by a coronavirus outbreak.

Poloz gave a speech a day after the BoC cut its key lending rate by 0.50% and noted it was ready to act again if it’s necessary to offset the influence of the coronavirus, also known as COVID-19.

"Canada’s economy has shown great resilience during the previous several years. Nevertheless, now it could be seriously tested by COVID-19, depending on the level and duration of its impacts," – he said.

Poloz noted the economy was heading towards one more quarter of very slow economic growth, which could spread on to the second quarter. In addition to the virus, the economy is trying to cope with the effects of bad weather, rail blockades and teachers' strike in Ontario.

As you know, on Wednesday, the Bank cut rates by 0.50% to 1.25%.

5 March 2020

Canada’s big banks follow the BoC’s example and cut their prime rates

On Wednesday, Royal Bank of Canada decided to reduce its prime rate from 3.95% to 3.45% for the first time since July 2015. Other large banks followed, although it affects margins which are already under pressure.

RBC announced the change, after the central bank cut the key lending rate by 0.50% in attempt to help the economy amid coronavirus spread.

Bank of Nova Scotia, Toronto-Dominion Bank, CIBC, BMO and Desjardins Group also announced they would do the same, with the only exception of TD Bank’s mortgage prime rate, which is still 0.15% higher at 3.60% than its regular rate of 3.45% used for HELOCs.

According Rob Colangelo from DBRS Morningstar, the BoC’s decision was quite unexpected.

The previous two cuts by the Bank in January and July of 2015 were only by 0.30%. However, the big banks mirrored the central bank’s three 0.25% rises in 2018.

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31 March 2020

Canadian mortgage rates are going up in spite of the BoC’s recent reductions Mortgage rates are growing even despite the recent rate cuts from the ce...Read more >>

30 March 2020

Banks and mortgage lenders cut prime lending rates yet again Canadian biggest banks and mortgage lenders cut their prime rate to 2.45% from 2.95% in ...Read more >>

27 March 2020

Bank of Canada cuts its key lending rate once again On Friday morning, the Bank of Canada made one more unscheduled cut to its overnight rate by half...Read more >>
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