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The Bank of Canada holds rates steady even as the Fed promises to push higher As expected, the central bank held the overnight rate at 4.5%, ending, for now, the eight consecutive rate increases over the past year. The Bank is also continuing its policy of quantitative tightening. This is the first pause among major central […]
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December Housing Data Ended 2022 On A Weak Note The Canadian Real Estate Association says home sales in January were the lowest for the month since 2009 and fell 37.1% from a year ago. The Canadian housing market has been sliding for eleven consecutive months as the unprecedented rise in interest rates–up from 25 basis […]
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The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. Global inflation remains high and broad-based. Inflation is coming down in many countries, largely reflecting lower energy prices as […]
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OSFI Is At It Again Late last week, the Office of the Superintendent for Financial Institutions (OSFI) announced it was concerned about the risks associated with the large and rising number of highly indebted borrowers, especially those with floating-rate mortgages, which stands at a record proportion of outstanding mortgage loans. With the economy in danger […]
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The Bank of Canada won’t like this inflation report November’s CPI inflation rate fell only one tick to 6.8%, despite gasoline prices falling. This follows a two-month reading of 6.9%. Excluding food and energy, prices rose 5.4% yearly last month, up from 5.3% in October. Critical gauges of underlying price pressure were mixed but continued […]
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The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening. Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more […]
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Bank of Canada will not be happy with this inflation report Not only did the headline CPI inflation rate stall at 6.9% last month, but the core CPI numbers remain stubbornly high. Food inflation–a highly visible component–edged down slightly. Still, prices for food purchased from stores (+11.0%) continued to increase faster year over year than the […]
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There’s been a lot of articles lately about rising mortgage rates causing hardship for home owners with mortgages. I had several conversations last week on this topic with people who know (or found out) I’m a mortgage broker. There’s a simple answer. If you’re in an adjustable or variable rate mortgage and the rising rates […]
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Very strong employment report for October Today’s Labour Force Survey for October was surprisingly strong, boosting wage inflation to an eye-popping 5.6% year-over-year pace. While good news for the economy, this is terrible news for the inflation fight–just when the Bank of Canada eased its foot on the brakes. The two-year and five-year Government of […]
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The bank of Canada slowed the pace of monetary tightening The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 3.75% and signalled that the policy rate would rise further. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings […]
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