Bank of Canada Holds Interest Rate

The Bank of Canada is keeping its key interest rate unchanged and appears to be in no hurry to move the interest rate any time soon because the announcement today removed all mentions of a need for future increases. The bank says the economy was operating close to full tilt for most of the past […]

Michael Campbell on Interest Rates

The following is an excerpt from the VERICO Economic Report written by Michael Campbell The drastic change in the Bank of Canada’s stance regarding future increases in interest rates since October is a clear indication that the Bank and the Finance Department are surprised by the impact of rising rates on the real estate market […]

Fixed Mortgage Terms to Lower

Last week the Royal Bank of Canada (RBC) announced that they were lowering the interest rate of their five-year fixed-term mortgage. The rate drop went from 3.89% to 3.74% which represents a .15% cut. This is a result of the Canadian bond yield falling over 50 basis points over the past two months. This move […]

B.C. Provides Deadline For Exemption From Speculation Tax

Homeowners who live in their properties are exempt from paying the tax, but must complete an exemption form by 31 March. The Ministry of Finance expects that more than 99% of British Columbians will be exempt. Notices will be sent to homeowners in the Lower Mainland, Greater Victoria, Kelowna, and Nanaimo in the coming weeks. The […]

Bank of Canada Holds Steady

The latest statement from the Bank gives every indication it intends to continue raising rates, but it is in no hurry to do so. The key concern appears to be oil.  The low price of crude is seen as a weight on the entire Canadian economy, along with the slowdown in Canada’s property market due to […]