How did that kid get such a great mortgage while I’m paying an extra 0.45 per cent a year? The answer is that in 2018, he is a much better credit risk for the bank. This may not make sense on the surface, but let me explain how crazy our mortgage system has become. From
What it means for mortgage holders Hours after the BoC’s announcement, most of the country’s big banks raised their respective prime rates, which brings the country’s prime rate to 3.95%—a 125-bps increase since last summer. Most adjustable-rate mortgage (ARM) holders and those with lines of credit will see their payments increase as of their next
USMCA and the Coming Interest Rate Increases The Bank of Canada may have just received the green light it needed to move forward with its desired interest rate increases over the remainder of this year and into 2019. The new United-States-Mexico-Canada Agreement (USMCA), which replaces NAFTA, finally removes the uncertainty that clouded Canada’s trade future
