Never in history has a Canadian bank advertised a mortgage rate with a zero to the left of the decimal point. Fortunately, there’s a first for everything. Effective December 4, 2020, HSBC Canada—who’s made a name undercutting its big bank competition—is launching the lowest rate in Canadian history: 0.99%. This is a milestone rate, akin to landmark rates like BMO’s...
—The Mortgage Report: Weekend Edition— Some commentators proclaim that home “prices can only go up,” but HouseSigma’s Market Temperature gauge shows it’s not peaches and cream everywhere. Market Temperature gauges the number of condos sold versus the number of active condo listings (inventory). Month-to-date, it’s plunged to the lowest level in HouseSigma’s records. If we close October at these levels...
The Bank of Canada has slashed its key rate for the third time this month, using what many think are its last rounds of monetary policy ammunition.
Central banks around the world have been cutting rates. But, so far, the Bank of Canada has avoided joining that club. One of its worries is that lower interest rates would reignite the mortgage and housing markets, adding to Canadians’ already toppy debt loads. Deputy BoC Governor Carolyn Wilkins reiterated these concerns in a speech yesterday. “You’ve heard us say...
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