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Canadian home sales, prices hit record highs again in Sept- CREA

Bank of Canada maintains a commitment to the current level of the policy rate, continues a program of quantitative easing The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of percent. The Bank Rate is correspondingly percent and the deposit rate is percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds. Both ...Continue reading

Stress Test Rate to Fall to 4.79% The stress test rate is about to fall for the second time in three months following cuts by Canada’s Big Six banks to their 5-year fixed posted rates. Effective August 17th the Bank of Canada will reduce the benchmark qualifying ratea.k.a., stress test ratefrom 4.94% to 4.79%....Continue reading

GENWORTH MI CANADA INC. CONFIRMS THAT IT DOES NOT PLAN TO CHANGE ITS UNDERWRITING POLICY

Major changes just announced by CMHC Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42;... Establish minimum credit score of 680 for at least one borrower; and Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. Read the full press release here https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri

Bank of Canada keeps key interest rate target on hold at 0.25%

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While dealing with unprecedented market shifts including drastic rate drops followed by drastic rate increases, our lenders have managed to reassure us that they are doing all they can to support Canadians at this time. I am here to do the same and I'm here to help however I can. We are in this together and we will get through this together. The financial industry is trying to adjust and move with precision and professionalism, while managing, for some, a very complex and ext...ensive adjustment in their standard employment practices and procedures. If you anticipate having trouble with upcoming mortgage payments please reach out to your lender sooner than later so your arrangements can be made BEFORE your credit is impacted. Relief on other credit products may also be available for personal and business borrowers. Though I am unable to make deferral arrangements on your behalf, I am available to discuss the impact of deferred payments or strategies to get you back on track once the dust settles and we return to "normal. Below are the customer service contact numbers and websites for many of the mortgage lenders. B2B 1-800-263-8349 www.b2bbank.com statement via social media BMO 1-877-895-3278 www.bmo.com Bridgewater 1-866-243-4301 www.bridgewaterbank.com covid-19 webpage CIBC 1-800-465-2422 www.cibc.com CMLS 1-888-995-2657 www.cmls.ca covid-19 webpage Optimum 1-866-441-3775 www.optimummortgage.ca Equitable 1-888-334-3313 www.equitablebank.ca Coast Capital covid-19 webpage letter to members Connect First 403-736-4000 www.connectfirstcu.com Chinook Financial 403-934-3358 www.connectfirstcu.com First Calgary Financial 403-736-4000 www.connectfirstcu.com First National 1-888-488-0794 www.firstnational.ca covid-19 webpage Haventree 1-855-272-0051 www.haventreebank.com bulletin on their homepage HomeEquity Bank covid-19 webpage Home Trust 1-855-270-3630 www.hometrust.ca covid-19 webpage HSBC 1-888-310-4722. www.hsbc.ca ICICI 1-888-424-2422 www.icicibank.com Manulife 1-877-765-2265 www.manulifebank.ca/support CEO statement on social media MCAP 1-800-265-2624 www.mcap.com bulletin on their homepage Merix/Lendwise 1-877-637-4911 www.merixfinancial.com statement on social media covid-19 information Marathon 1-855-503-6060 www.marathonmortgage.ca Peoples Trust covid-19 webpage RBC 1-800-769-2511 www.rbcroyalbank.com RFA and formerly Street Capital 1-877-416-7873 www.rfa.ca about contacting RFA servicing contacts RMG 1-866-809-5800 www.rmgmortgages.ca Scotia 1-800-472-6842 www.scotiabank.ca Servus 1-877-378-8728 www.servus.ca TD 1-866-222-3456 www.td.com

Bank of Canada enacts another overnight rate cut For the third time this month, the Bank of Canada cut to the overnight rate, this time slashing off 50 basis points to a new level of .025%. The Bank Rate is correspondingly 0.50% and the deposit rate is .025% percent. In a press statement, the central bank said this unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy ...during the COVID-19 pandemic. The BoC also launched two programmes designed to address the economic chaos created by COVID-19: The Commercial Paper Purchase Program (CPPP) is designed to alleviate strains in short-term funding markets and thereby preserve a key source of funding for businesses, while the second initiative will have the BoC acquiring Government of Canada securities in the secondary market, beginning with a minimum acquisition of $5 billion per week across the yield curve. The program will be adjusted as conditions warrant, but will continue until the economic recovery is well underway, the BoC said, adding that its balance sheet will expand as a result of these purchases.

Bank of Canada, feds take more steps to ease credit market strains

Bank of Canada slashes policy rate to 0.75 per cent in surprise cut

Canada’s Prime Rate Falls to 3.45% Following BoC Rate Cut Canada’s prime rate fell to 3.45% today for the first time since July 2018. This is good news for floating-rate mortgage holders and those with Home Equity Lines of Credit or regular lines of credit. And it’s all thanks to Canada’s big banks passing along the full 50-bps rate cut delivered by the Bank of Canada yesterday. Many were expecting the banks to keep some of those savings for themselves to shore up their own b...alance sheets, but RBC Royal Bank led the way yesterday evening by announcing the full 50-bps reduction to its prime rate. The rest of the country’s big banks quickly followed suit, save for National Bank of Canada (as of this posting). Another exception is TD Bank’s mortgage prime rate, which remains 15 bps higher at 3.60%, as opposed to its regular prime rate of 3.45% that applies to Home Equity Lines of Credit. All of this followed the Bank of Canada’s decision to drop its overnight target rate by 0.50% to 1.25% on Wednesdaywhere it hadn’t been since October 2018due to fears of a deepening economic downturn caused by the coronavirus, a.k.a., Covid-19. The COVID-19 virus is a material negative shock to the Canadian and global outlooks, the Bank said in its statement, adding that additional policy easing isn’t out of the question. the outlook is clearly weaker now than it was in January, it added. As the situation evolves, Governing Council stands ready to adjust monetary policy further if required to support economic growth and keep inflation on target. Additional Easing Expected in April Many observers and the markets at large expect the Bank of Canada to deliver another 25-bps rate cut next month, and potentially another quarter-point cut before the end of the year, which would bring Canada’s overnight rate to 0.75%. The growing risk of COVID-19 to the outlook suggests that the Bank of Canada will follow today’s 50-bp cut in interest rates with an additional 25-bps cut in April, noted Stephen Brown of Capital Economics. Given the Governing Council’s lingering concerns that looser policy will boost an already red-hot housing market, however, we think the Bank is unlikely to go further than that. Brian DePratto, Senior Economist at TD Economics, added the Bank’s move was an important messagethat the relevant authorities are ready and willing to act to support economic activity in the face of negative shocks. And, as much as lower rates will further fan the flames of housing markets, the key five-year interest rate is in large part beyond the Bank of Canada’s control, reflecting global factors such as the Federal Reserve’s shock 50-basis-point cut [Tuesday] (and market expectations of further cuts south of the border), he added. See more

Bank of Canada cuts rates by half a point to 1.25% amid coronavirus concerns

Mortgage stress test changes coming, Morneau announces, in move that may make buying a home easier