What mortgage owners need to know about the Bank of Canada's rate hike
BNN Bloomberg
The Bank of Canada’s surprise decision to raise interest rates will bring about higher mortgage costs, according to experts.
Canada’s central bank announced Wednesday a move to increase the policy rate by 25 basis points to 4.75 per cent. The move went against expectations and was only anticipated by about one in five economists in a Bloomberg Survey. However, according to Bloomberg News, policymakers indicated that further rate hikes may be warranted after electing to hold rates in January.
“Those with a variable-rate mortgage and home equity line of credit (HELOC) who are already fatigued by rate hikes, will see their interest rate increase further,” James Laird, the co-chief executive officer of Ratehub.ca and president of CanWise Mortgage Lender, said in a statement Wednesday.
“Those who have fixed payments with their variable-rate mortgage will likely exceed their trigger rate if they have not already done so. Those with variable payments will see their payments increase to absorb this rate hike.”
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
A pipeline leak in Sarnia, Ont., has been located more than a week after a sheen reportedly turned up on the St. Clair River.
U.S. President Donald Trump on Monday said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war. He also extended a deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.