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In a scheduled announcement on October 28,2020, the Bank of Canada maintained its overnight lending rate at 0.25%. The Bank noted economic headwinds are rising as the number of COVID-19 cases continues to rise across the country.
The Bank stated it will hold the policy interest rate at its effective lower bound until economic slack is absorbed, and the 2% inflation target is sustainably achieved.
The Bank is making some technical changes to its asset purchase, or quantitative easing program. It will reduce overall asset purchases while targeting assets that have a larger impact of the borrowing rates that are most important to households and businesses. The Bank saidthe adjustments will provide at least as much stimulus as before.
The Bank also stated the recovery was broadly in line with the expectation laid out in the July Monetary Policy Report; however, as the economy enters a “recuperation phase” the Bank is expecting a slower growth rate will continue through the fourth quarter of 2020 and the first quarter of 2021.
While oil prices remain below pre-pandemic levels, non-energy resource prices have, on average, more than recovered.
The Bank highlighted the recovery has been uneven across sectors, with lockdowns impacting low-income workers most severely. As such, government programs will continue to be an important part of supporting the economy.
Therefore the Bank is now expecting the 2% inflation target to not be achieved until 2023. This means borrowers can expect interest rates to remain low for at least the next three years.
As of October 28, 2020, the benchmark five-year lending rate was 4.79%. All mortgage applicants must qualify for financing based on an interest rate no less than the benchmark five-year lending rate, even if the mortgage is for less than five years.
Canada’s major chartered banks are currently advertising five-year fixed mortgage special interest rates of around 1.97%. Home buyers can often negotiate the interest rate for mortgage financing based on their creditworthiness and the degree to which they do other banking business with the mortgage lender.
The Bank of Canada’s next scheduled interest rate announcement will be on December 9, 2020, while the next update of the Bank’s Monetary Policy Report will be on January 20, 2021.
Source: CREA Cafe
Starting the list at number 7. We have this stunning Moderno built home with 4100+ sqft of contemporary living space. Offering 5 bedrooms, 6 bathrooms and an abundance of natural light. This Bel-Aire masterpiece is listed at $4,199,000
Number 6 on the list is truly stunning with 5000 linear feet of LED strip lighting, I mean, just click the address and look for yourself. This home also offers 4000sqft of high end living space, 4 bedrooms, 5 bathrooms and a 5 car garage. Going up? The see thru glass elevator gives you access to all levels of this dream home, starting from your garage. Listed at $4,399,000
Located in Mount Royal is where you will find the 5th property on our list. The Max Bell House is rich in provenance and heritage. This 2 story 5000+sqft mansion has 5 bedrooms and 7 bathrooms. Acquire a piece of Calgary's Heritage at $4,495,000
Over in Pump Hill is where you will find number 4 on the list. We have this beautiful 5600+sqft, 5 level split. With 5 bedrooms and 6 bathrooms this home is listed at $5,488,000
At number 3 in Aspen Woods is where you will find this absolutely stunning 5 bedroom,7 bathroom, 5000+ sqft 2 story. listed for $6,595,000
With 2800+ sqft, this Concord Tower gem offers privacy with your own triple car garage connected to an elevator that takes you up to your condo. With 3 bedrooms and 4 bathrooms, this inner city masterpiece is number 2 on the list at $6,824,895
At #1 on our Calgary's Top priced listings, is this extremely luxurious Dream unit at the Concord Towers in Eau-Claire. Offering 2 bedrooms, 3 bathrooms and over 3500 sqft of living space. This Concord Condo gives you some of the best river/mountain and downtown views in Calgary. Listed for sale at $8,999,900 and includes a private elevator that goes from the indoor 4 car garage, directly to your suite. Truly one of a kind condo in Calgary.