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Bank of Canada Outlook - Rate Alert
Check out the article and rate specials! RATE ALERT UPDATE Bank RatesTermOUR RATES 3.00 % Prime Rate 3.00 % 3.00 % 5 YEAR VARIABLE 2.80 % 3.35 % 1 YEAR CLOSED 2.74 % 3.60 % 2 YEAR CLOSED 2.74 % 4.15 % 3 YEAR CLOSED 2.89 % 4.34 % 4 YEAR CLOSED 3.09 % 4.99 % 5 YEAR CLOSED - 30 Day 3.24 % 5.29 % 5 YEAR CLOSED - 90 Day 3.29 % 5.69 % 5 YEAR CLOSED - 120 Day 3.29 % *Note: Rates are subject to change without notice and OAC. Please contactus for more information BoC Hints at “Withdrawal of…Stimulus” The Bank of Canada held the line today and left the country’s pace-setting overnight rate at 1% - ensuring prime holds at 3%. The news, however, is not what the BoC did, but what it hinted at doing. Governor Mark Carney and co. jostled expectations in their prepared statement, which said: Overall, economic momentum in Canada is slightly firmer than the Bank had expected in January. The economy is now expected to return to full capacity in the first half of 2013. The profile for inflation is expected to be somewhat firmer than anticipated. Europe is expected to emerge slowly from recession in the second half of 2012 In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate. This last point, in particular, has put the bond market on edge. As of this writing, 5-year yields are up sevenbasis points since this news broke, and up 10bps on the day. (Bond yields lead fixed mortgage rates.) Prior to this morning’s announcement, the market expected the Bank of Canada to move rates in early 2013. We could now start seeing some economists shift rate hike predictions to Q4 of this year. BMO has already moved up its forecast by six months to year-end 2012, according to BNN. The BoC will still want to see more data before pulling the trigger, however. Canada remains tightly constrained by cautious U.S. growth, and that growth has had a funny habit of disappointing after optimistic spurts in the spring. We also have the same contingent of Eurozone countries still battling ongoing solvency fears. Pending the next few months of domestic data, the storylines in the U.S. and Europe have the potential to continue weighing down Canadian rates. For now, today’s BoC decision to leave the overnight rate at 1% means that prime rate should remain at 3.00%. The nextBank of Canadarate meeting is June 5. Please contact me directly for free no obligation rate lock or full pre-approval Regards, Derek F. MacLean, Senior Mortgage Agent W: (613) 627-1045 C: (613) 304-7931 Email Us | www.mortgagesinthecapital.com Apply Now
Canada: Residential sales reached a new record in September
Seasonally adjusted home sales rose 0.9% in September to a monthly record of 56,422 units. Sales in Ontario missed Augusts record by a hair due to a 5.3% monthly decline in Toronto. Records were nonetheless registered in Ottawa and Hamilton. In the Province of Quebec, sales were at a record level in the Quebec CMA and in Gatineau, and close to August records in Montreal. In B.C., transactions reached a record outside the three main markets of Vancouver, Fraser Valley and Victoria. There were also sales records in Nova Scotia and New Brunswick. The active-listings-to-sales ratio indicates that the Canadian home resale market was favorable to sellers in Ontario Quebec, the Maritimes Provinces and marginally so in B.C. The market was balanced in the four other provinces.
PROMISES, PROMISES AND MORE PROMISES
Canadas Parliament re-convened today with a ceremonial Speech from the Throne delivered by the Governor General.
Canadas continued response to the COVID-19 pandemic took centre-stage, while providing a lens for a plethora of broader promises: an extension of the wage subsidy, expanded employment insurance, investments in childcare, reaffirmed commitments to universal pharmacare, and green infrastructure investments among many others.
Given the exhaustive list of priorities, this Speech is unlikely to bring the minority government down as it provides plenty of hooks for negotiations in the lead-up to a Fall update where details will be laid out.
It clearly signals more fiscal spending ahead for Canada leaving the question not if but how much. But this was largely channeled ahead, so the market reaction has been mutedor more likely, it is eclipsed by broader US and global developments.
There is little beyond lip service by way of fiscal restraint. This will be left to the Finance Minister to make inevitable trade-offs in her first budget this Fall, particularly as she may need to reserve some firepower for second waves.
Source: Scotiabank https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-throne-speech--september-23--2020-.html