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Stories Tagged - Bank of Canada

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April 28, 2021 | Natalie Noble

Year one of COVID-19 pandemic brought sweeping changes to Calgary real estate and the way business is done

Whatever "new normal" is coming, the COVID-19 pandemic has reshaped many aspects of the real estate industry in Calgary and across Canada. From changes to the way homes are built, bought and sold, to shifts in buyer priorities and the economic forces at play, it's been a wild ride for REALTORS®, builders, homebuyers and everyone in between.

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July 15, 2020 | Tyler Difley

Bank of Canada stands pat on interest rates, forecasts GDP decline in 2020

The Bank of Canada has maintained its overnight rate target at 0.25 per cent, the effective lower bound, and released its updated outlook for the economy and inflation.

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June 03, 2020 | Tyler Difley

Bank of Canada holds steady on interest rates as market conditions start to improve

The Bank of Canada maintained its overnight rate target at 0.25 per cent and announced it would be scaling back some of its interventions in the market now that economic conditions are beginning to improve.

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April 17, 2020 | Tyler Difley

Bank of Canada maintains 0.25 per cent interest rate despite bleak economic forecast

The Bank of Canada announced on April 15 that it would keep its overnight rate target at 0.25 per cent and that no additional rate cuts should be expected.

This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.

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March 20, 2020 | Tyler Difley

Bank of Canada makes emergency rate cut amid COVID-19 pandemic

In an unscheduled move, the Bank of Canada (BoC) recently announced it was cutting its overnight lending rate to 0.75 per cent, effective March 16. The move was made to counter the negative economic repercussions of the COVID-19 pandemic and plummeting oil prices.

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June 26, 2019 | Mario Toneguzzi

Federal government shares new details about First-Time Buyer Incentive

The federal government is hailing its First-Time Buyer Incentive program as a golden opportunity for thousands of potential homebuyers across the country who are hoping to purchase their first property.

Bank of Canada senior deputy governor Carolyn Wilkins and governor Stephen Poloz.
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June 05, 2019 | Mario Toneguzzi

Bank of Canada senior deputy governor discusses health of housing market at Calgary Chamber

Ongoing weakness in Alberta's housing market "can be explained by adjustment over the past five years to continuing challenges in the energy sector," said Carolyn Wilkins, senior deputy governor of the Bank of Canada, during a recent speech at the Calgary Chamber of Commerce.

The ultimate impact of new Canada-wide mortgage rules on the Calgary housing market is hard to predict. But experts say the new rules, combined with rising interest rates, might make it harder for many people to break into the market.
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Jan. 30, 2018 | Gerald Vander Pyl

Up in the air

Impact of new mortgage rules on Calgary housing market remains uncertain entering 2018

A new Canada-wide stress test for people applying for uninsured mortgages is leading to uncertainty among experts about the possible effects on the Calgary real estate market in 2018.

The federal government's new B-20 guidelines, introduced on Jan. 1, set out a new minimum qualifying rate or "stress test" for mortgages. Borrowers must qualify using the five-year benchmark rate published by the Bank of Canada, or the contractual mortgage rate plus two per cent – whichever is greater.

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Aug. 02, 2017 | Natalie Noble

Don't delay, start saving

Putting together your first down payment is all about planning and prioritizing

With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.

"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."

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Aug. 02, 2017 | CREBNow

Don't delay, start saving

Putting together your first down payment is all about planning and prioritizing

With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.

"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."

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CREB® acknowledges that its office is located, and that its REALTOR® members serve, on the traditional territories of the peoples of the Treaty 7 region and Métis Nation of Alberta, Region 3. We honour and acknowledge the members of the Métis community and specifically, the Métis Nation Region 3. In the spirit of reconciliation and because we are all treaty people, we also acknowledge all Calgarians who make our homes in the traditional Treaty 7 territory of Southern Alberta.


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