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My Rates

6 Months 7.85%
1 Year 5.39%
2 Years 5.29%
3 Years 5.05%
4 Years 5.10%
5 Years 4.49%
7 Years 5.89%
10 Years 5.94%
6 Months Open 9.20%
1 Year Open 8.00%
*Rates subject to change and OAC
Douglas Schwartz Mortgage Broker

Douglas Schwartz

Mortgage Broker


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849 Premier Way, Sherwood Park, Alberta, T6H 0V2

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BLOG / NEWS Updates

NBC BoC Policy Monitor: Maximum optionality in unsettled times

As widely expected, the Bank of Canada lowered its target for the overnight rate by 25 basis points to 3.0%. This sixth consecutive cut brings cumulative rate relief to 200 basis points since June 2024 and pushes the BoCs overnight target 150 bps below the Feds. The last time this gap was larger was way back in 1997. Note that the Bank will also be setting the deposit rate 5 bps below the target, a move designed to relieve some of the upward pressure on CORRA. Consistent with Toni Gravelles speech earlier this month, the Bank announced an end to QT with asset purchases (term repos) starting in early March. Initial term repo sizes will range between $2 billion and $5 billion. Here are some additional highlights from the communique and the opening statement to the press conference: Driving the decision to cut 25 bps was inflation around 2% and an economy in excess supply. As for forward rate guidance, you really wont find any. The opening statement to the presser simply acknowledges the tightrope theyll be walking: We will need to carefully assess the downward pressure on inflation from weakness in the economy, and weigh that against the upward pressure on inflation from higher input prices and supply chain disruptions. Absent tariff action, the BoC expects GDP growth to strengthen in 2025 (vs. 2024) with growth a bit above potential this year. Again, ignoring tariff threats, upside and downside risks are reasonably balanced. As for the labour market, the statement reiterates that Canadas labour market remains soft although they acknowledge job growth is picking up. On wage growth, they see some signs of easing. The Bank highlights that headline inflation is close to 2% with some volatility associated with the GST/HST holiday. Highlighting a broad range of indicators they note that underlying inflation is also close to 2% and is forecast to stay there over the next two years (absent tariffs). Note that the relatively hotter CPI-Median and -Trim werent mentioned. As for recent Canadian dollar weakness, the rate statement attributes it mostly to trade uncertainty and broader strength in the USD. In other words, its less to do with BoC-Fed divergence. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/boc-policy-monitor.pdf

Bank of Canada reduces policy rate by 25 basis points to 3%, announces end of quantitative tightening

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. The Bank is also announcing its plan to complete the normalization of its balance sheet, ending quantitative tightening. The Bank will restart asset purchases in early March, beginning gradually so that its balance sheet stabilizes and then grows modestly, in line with growth in the economy. Projections in the January Monetary Policy Report (MPR) published today are subject to more-than-usual uncertainty because of the rapidly evolving policy landscape, particularly the threat of trade tariffs by the new administration in the United States. Since the scope and duration of a possible trade conflict are impossible to predict, this MPR provides a baseline forecast in the absence of new tariffs. In the MPR projection, the global economy is expected to continue growing by about 3% over the next two years. Growth in the United States has been revised up, mainly due to stronger consumption. Growth in the euro area is likely to be subdued as the region copes with competitiveness pressures. In China, recent policy actions are boosting demand and supporting near-term growth, although structural challenges remain. Since October, financial conditions have diverged across countries. US bond yields have risen, supported by strong growth and more persistent inflation. In contrast, yields in Canada are down slightly. The Canadian dollar has depreciated materially against the US dollar, largely reflecting trade uncertainty and broader strength in the US currency. Oil prices have been volatile and in recent weeks have been about $5 higher than was assumed in the October MPR. In Canada, past cuts to interest rates have started to boost the economy. The recent strengthening in both consumption and housing activity is expected to continue. However, business investment remains weak. The outlook for exports is being supported by new export capacity for oil and gas. https://www.bankofcanada.ca/2025/01/fad-press-release-2025-01-29/

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