What mortgage owners need to know about the Bank of Canada rate hike
BNN Bloomberg
The Bank of Canada’s latest interest rate hikes will continue to impact some Canadians looking to pay off their mortgage, according to one expert.
On Wednesday, the Bank of Canada increased its policy rate by half a point to 3.75 per cent, marking its sixth consecutive interest rate increase. In the central bank’s most recent Monetary Policy Report, it said individuals renewing a mortgage are seeing some of the largest increases in borrowing costs over any tightening cycle of the past 30 years.
In the report, the central bank noted that a homeowner looking to renew a five-year fixed-rate mortgage, obtained in October of 2017, would now face a mortgage rate around 1.5 to two percentage points higher.
Amid the recent hike, Rob McLister, a mortgage strategist with MortgageLogic.news, said individuals who have an adjustable-rate mortgage might experience their payments increase.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.