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Bank of Canad News
The Bank of Canada today increased its target for the overnight rate to 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent.
 The next scheduled date for announcing the overnight rate target is September 5, 2018
Source Bank Of Canada press release,
July 11, 2018





Wednesday, September 13, 2017
1 year closed 2.99%
2 years closed 3.24%
3 years closed 3.09%
4 years closed 3.54%
5 years closed 3.29%
10 years closed 3.99%
5 years variable closed 2.41%
5 years variable open 3.80%
Prime 3.45%
5 units + 2 years 4.10%



Glossary


AMORTIZATION PERIOD:
Number of years required to re-imburse a mortgage.

APPROXIMATE VALUE:
Value of the property estimated by a certified appraiser in order to grant a mortgage.  Do not confuse with building inspection.

TRANSFERABLE LOAN:
Mortgage allowing the buyer to take over the mortgage of the sellor.

CLOSED MORTGAGE:
Mortgage with a specific re-imbursement calendar.  An indemnity is usually requested in case of full re-imbursement of the loan prior to established duration. 

CONDOMINIUM CHARGES:
Amount paid by the owners for community expenses.

STANDARD MORTGAGE:
Mortgage representing 75% of the estimated value or the purchase price of the property, the lesser of the two amounts.

DOWN PAYMENT:
Cash payment by the buyer.  Difference between purchase price and mortgage.

EARNED VALUE:
Difference between the market value of the property and loans on the property.