Bank of Canada Raises Key Rate

The Bank of Canada (B.O.C.) raised its key policy rate 25 bps to 0.75%, as was expected. This will mean an increase in variable rate mortgage rates by the same amount. In a statement released, The B.O.C. echoed its previous sentiments: “Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would… Continue reading Bank of Canada Raises Key Rate

6 Things You Should Know Before Closing Your Mortgage.

1. Balance Sheet vs. Non-Balance Sheet Lender There are two different types of lenders that exist in Canada; Balance Sheet Lenders and Non-Balance Sheet Lenders. A “Balance Sheet Lender” is any chartered bank in Canada. They are referred to as “Balance Sheet Lenders” because they hold your mortgage on their books as an asset. These… Continue reading 6 Things You Should Know Before Closing Your Mortgage.