Bank of Canada Prime Interest Rate Staying the Same for September 2018
The Bank of Canada prime interest rate is remaining at 1.5% for September 2018. On September 5, 2018, the Bank of Canada (BOC) announced its decision to keep rates the same, referencing high gas prices, uncertain trade policies, and a stabilizing housing market. Canadian interest rates have increased four times since July of 2017, going […]
BOC Interest Rate Rises to 1.5%: Do You Need to Consolidate Debt?
Canadian interest rates are at a new high. On July 11, 2018, the Bank of Canada (BOC) interest rate rose to 1.5%. This is still a relatively low interest rate, but if you’re struggling with debt it could mean trouble. Canadian interest rates affect floating, or unsecured, debt. This could be anything from credit card […]
Will You Wait for the Canadian Interest Rate Surprise on July 11?
Most years, July 11 is just another day. But in 2018 it could mean a change to the Canadian interest rate. The Bank of Canada has scheduled its next interest rate announcement for July 11, 2018. This is when they will publicly say if interest rates are going to increase again or not. If they […]
Bank of Canada Mortgage Rates Stay at 1.25% After May 2018 Announcement
The Bank of Canada mortgage rate is remaining at 1.25% for now. In an announcement on May 30, 2018 the Bank of Canada (BOC) said that the overnight interest will stay at 1.25%, at least until the next statement scheduled for July 11, 2018. The BOC said it is proceeding with caution, but that it […]
Will Canadian Interest Rates Keep Rising? We Think So
Canadian interest rates are on the rise. From July 2017 to April 2018, the Bank of Canada (BOC) interest rate rose from 0.5% to 1.25% — the highest it’s been in nine years. The question on everyone’s mind is will Canadian interest rates keep increasing? The short answer is yes, we think so. The long […]
Surviving Rising Interest Rates – Locking Your Rate May Be the Best Time to Refinance
So far in 2018 Canadian homeowners have experienced several major changes that could affect finances — new mortgage rules and rising interest rates First, let’s look at the new mortgage rules. On January 1, 2018, new Canadian mortgage rules came into effect. These regulations require lenders to stress test mortgages based on higher rates to […]
BOC Interest Rate Jumps to 1.25%
Higher interest rates for Canadians are continuing in 2018. On January 17, 2018, the Bank of Canada (BOC) announced an interest rate increase to 1.25 per cent. The BOC interest rate affects all forms of debt, including student loans, home equity lines of credit, credit cards, and more. The strong economy, job growth, and business […]