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Bank of Canada Holds Steady

December 8, 2010 Financing

Surprising no one, the Bank of Canada chose not to raise interest rates yesterday, maintaining the benchmark overnight rate at 1%, which makes the banks’ prime rate 3%. From the BoC press release: The recovery in Canada is proceeding at a moderate pace, although economic activity in the second half of 2010 appears slightly weaker [...]

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6 Things You Should Do To Your Mortgage When Interest Rates Drop

April 21, 2009 Financing

The Bank of Canada just dropped the prime interest rate by 0.25% making it….0.25%. The federal banks quickly followed. Here are the 6 things you should do right now. Call your banker/mortgage broker and reduce your mortgage payments as close to interest-only as possible. Do not go into negative-amoritzation (i.e. where your loan gets bigger). [...]

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Do you know what your line of credit costs?

September 2, 2008 Financing

Most people have two phases to their real estate investing. First, they’ve got a little cash for downpayments. Maybe it came from selling their last principle residence, an inheritance, or a buyout or retirement. Either way, cash is the first and most obvious way to go. Phase two is borrowed money for downpayments and such. [...]

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Bank of Canada Stands Firm at 3%

June 10, 2008 The Economy

Well, the Bank of Canada bucked most predictions of a 1/4% rate cut and held the overnight rate firm at 3%. Now, as I mentioned the other day, there’s a serious split between the economies of the east and the west. I think the fact that the BOC chose to hold the rate steady, rather [...]

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