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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




News
4 March 2020

Bank of Canada slashes its key rate adding fuel to the red-hot GTA housing market

On Wednesday, the Bank of Canada reduced its key lending rate by 0.50%, marking the first decline in more than 4 years. The BoC followed the Federal Reserve in attempt to protect the national economy from the coronavirus influence.

The central bank cut the rate from 1.75% to 1.25%, noting the coronavirus represents a “material negative shock” to the national and global economies. The Bank is ready to act again if necessary.

This decrease is quite unusual for Governor Stephen Poloz, whose long resistance to cutting rates led the country’s policy rate to the highest level among advanced economies. His position became highly unreasonable amid global uncertainties caused by the spread of the coronavirus.

The Bank says the first half-percent cut since the 2008-2009 recession was necessary, as the outlook is definitely worse now than it was in January.

 
3 March 2020

U.S. cuts its key interest rate by 0.50% because of coronavirus - will Canada follow?

On Tuesday, the Federal Reserve made an unexpected announcement deciding to cut its benchmark interest rate by 0.50% in attempt to provide the necessary support for economy amid the spread of coronavirus.

According to the Chair Jerome Powell, the virus represents a growing risk to the economic activity.

It’s the first rate cut for the U.S. since 2019, during which it reduced the rate three times. Moreover, it’s the largest cut and the first time the central bank is reducing the key rate between policy meetings since the 2008 financial crisis.

 
2 March 2020

Investors predict a rate cut in Canada this week

Investors believe the Bank of Canada will cut its key lending rate on Wednesday because of the coronavirus. It would be the first decline in about five years, making Canada the first G7 country to make such a decision since the epidemic began.

Last time the BoC Governor Stephen Poloz cut rates in July 2015. In January, he hinted at a possibility of a reduction for 1.75% benchmark interest rate, which is the highest among the G7 today.

Several central banks, including the U.S. Federal Reserve, stated they will protect their economies from the virus influence, which only raised the odds for simultaneous rate cuts.

“The market is definitely calling for something from the central banks,” - noted Phil Mesman from Picton Mahoney.

 
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News

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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