Here is the latest news: On Friday the Bank of Canada made an emergency rate cut and most of the big banks passed along the full 50 bps of rate cut on Monday.
- The country’s prime is now 2.95 per cent and variable rate mortgages are as low as 1.95%.
- Floating mortgage rates and lines of credit moved from 3.45% to 2.95%.
- The Office of the Superintendent of Financial Institutions (OSFI) has announced the April 6 mortgage stress test improvements has been suspended indefinitely.
- Banks and mortgage lenders are offering mortgage payment deferrals of up to six months.
- Ottawa is planning to purchase up to $50 billion in mortgages.
- Canadian dollar falls sharply against US dollar. It is currently at $0.69 CAD per $1 USD.
- Personal income tax deadline extended to June 1st.
- Real estate supply remains constrained and as of February’s reporting by the Canada Real Estate Association, prices and the number of sales have trended higher.
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