How Much Ottawa Homeowners Will Save Following the Latest Interest Rate Drop
Last week’s 25 basis point interest rate cut by the Bank of Canada (BOC) has brought welcome news for homeowners in Ottawa and across Canada. This reduction, which lowers the interest rate to 4.75%, is the first cut since March 2020, following a series of rate hikes between March 2022 and July 2023. At TopRankinMortgages, […]
Bank of Canada Cuts Key Interest Rate to 4.75%, First Reduction Since Pandemic
The Bank of Canada has reduced its overnight rate by 25 basis points to 4.75%, a first since the pandemic began. This move comes after the rate was held at 5% since July of the previous year. The rate hikes started in March 2022 in response to higher-than-expected inflation caused by pandemic stimulus and global […]
Potential Bank of Canada Interest Rate Cut in June: What You Need to Know
April’s inflation data has sparked discussions among economists about the potential for the Bank of Canada to cut interest rates in June. With inflation cooling to a three-year low of 2.7%, down from 2.9% in March, many experts believe the stage is set for the first rate cut of the Bank’s current tightening cycle. Key […]
How Current Economic Trends Affect Your Mortgage Decisions: Insights for Ottawa Homeowners
In light of recent economic discussions, particularly highlighted by economist David Rosenberg, it’s clear that Canada is navigating through some choppy financial waters. For many in Ottawa, these broader economic signals are not just news items; they are crucial factors influencing their mortgage and housing decisions. Here’s what you need to know: Economic Slowdown and […]
Navigating New Norms: How the Bank of Canada’s Steady Hand on Inflation Targets Affects Your Mortgage
In a recent presentation to the Senate’s banking, commerce, and economy committee, Bank of Canada Governor Tiff Macklem reiterated the importance of maintaining the central bank’s two percent inflation target, a crucial benchmark for setting interest rates. During the session, Senate committee chair Pamela Wallin questioned why the bank wouldn’t adjust the target to three […]
Essential Spring Maintenance Tips for Homeowners in Ottawa
As the snow melts away and the first signs of spring begin to emerge in Ottawa, it’s the perfect time for homeowners to start thinking about seasonal maintenance. Taking proactive steps now can help ensure your home remains in top condition throughout the year. At TopRankinMortgages, we understand that a well-maintained home not only offers […]
Navigating the Mortgage Landscape: Bank of Canada Holds Key Interest Rate at 5% Amidst Expectations of Rate Cut
In the realm of mortgages, every fluctuation in the economy, particularly concerning interest rates, holds significant weight. As the financial landscape continues to evolve, so too does the mortgage market. Today, we delve into the recent decision by the Bank of Canada to maintain its key interest rate at 5% for the sixth consecutive time […]
The Signs are Here: Adapting to Canada’s Economic Shifts for Smart Mortgage Decisions
In recent weeks, Canada’s economic landscape has undergone subtle yet significant shifts, signaling a moment of caution and reevaluation for homeowners and potential buyers alike. March witnessed an unexpected rise in the unemployment rate to 6.1%, a clear signal that the job market is feeling the pressure. This development, juxtaposed with a stagnant job growth, […]
Canada’s Inflation Cools in February: A Surprising Twist in the Economic Tale
In a surprising twist, Canada’s annual inflation rate decelerated to 2.8% in February, defying economists’ expectations of a rebound after January’s 2.9% figure. This slowdown was influenced by reduced price increases in key areas such as cellular services, groceries, and internet access, according to the latest report from Statistics Canada. Despite the overall easing, rent […]
Time to Buy is Now: Navigating the Spring Housing Market Surge
As the spring housing market looms on the horizon, potential homebuyers are facing a crucial decision point. With expert insights pointing towards an imminent heating up of the market, the message is clear: the time to buy is now. According to industry expert Leah Zlatkin, a notable mortgage broker and Lowest Rates authority, those already […]
