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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
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 central bank, caused by the COVID-19 pandemic.

According to Sherry Cooper, chief economist at DLC, the reason is strong pressure the banks are dealing with because of the outbreak.

“The costs of funds for banks are rising sharply, and their incomes are going down”, - she noted. “Every business they have ever loaned to is facing enormous revenue decreases. That means the banks’ revenues are also falling. In addition to it, if anyone is starting a new deal with the banks, it’s mostly only for increasing their existing debts”.

As you know, the Bank of Canada has cut its overnight interest rate three times in March, taking it down to 0.25%. The large Canadian banks followed the changes with the same prime rates’ drops. The prime rate affecting variable mortgages and credit lines went down from 3.95% to 2.45%.

 
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 response to the recent half percent rate cut by the Bank of Canada.

RBC Royal Bank, Scotiabank, Toronto-Dominion Bank (TD Bank), BMO Bank of Montreal, CIBC and mortgage lenders provide a new rate starting today, while others will follow on March 31 or April 1.

It’s the third time in March that large banks cut their prime rate.

 
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 percent to 0.25% because of the COVID-19 crisis.

As you know, the overnight lending rate is used to provide retail banks with short-term loans. However, it also affects the rates that Canadian consumers receive from their banks on savings accounts and variable rate loans.

As a rule, the BoC determines the rate’s destiny every six weeks, but the COVID-19 crisis has changed that, and the Bank has already made two unscheduled cuts: by 0.50% two weeks ago, and by the same amount today.

 
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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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