mortgage

RBC, TD, CIBC hike mortgage rates ahead of Bank of Canada rate decision

April Fong , of  BNN.ca Staff writes; Royal Bank of Canada and Toronto-Dominion Bank raised their posted five-year fixed mortgage rates, increasing borrowing costs for Canadian homebuyers ahead of the Bank of Canada’s interest rate decision next week. RBC raised its posted five-year fixed rate by 15 basis points to 5.14 per cent, with more rate hikes across the board. “Rate changes...

Toronto-Dominion Bank raising rates, variable rate mortgage customers to face increased costs

One of the country’s largest banks has moved a key prime rate up 15 basis points for variable-rate mortgage customers, a change that will affect some Canadians with floating rate products. Toronto-Dominion Bank began quietly telling the lending industry on Monday that its prime lending rate was going to jump from 2.7 per cent to 2.85 per cent on Tuesday for one segment of its business — a move that...

Why Toronto home prices won’t fall as rapidly as Vancouver’s

If the latest forecast from National Bank comes to pass, it would mark a serious change of pace for residential real estate in two of Canada’s major markets. The bank, Canada’s sixth largest, is calling for home price declines in both Toronto and Vancouver next year. National Bank expects Vancouver home prices to tumble 10 per cent within the next 12 months, with detached home values plummeting...

CMHC to issue first-ever ‘red’ warning for Canadian housing market: What that means for you

Canadian Mortgage and Housing Corporation CEO Evan Siddall said in an op-ed in the Globe and Mail this week that for the first time ever, the federal agency will be issuing a “red” level warning for the entire Canadian housing market. The announcement will come in CMHC’s quarterly Housing Market Assessment on Oct. 26. According to CMHC, a “red” warning indicates evidence of problematic...

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