Bank of Canada Interest Rate Decrease, Mortgage Deferral Requests, and More
The Impact of the COVID-19 Pandemic on the Canadian Mortgage Industry
There is no denying the effect that the COVID-19 pandemic has had on public health and world economies.
In the past several weeks, there have been many developments affecting all industries in Canada — including the Canadian mortgage industry.
For example, since March 4, 2020, the Bank of Canada interest rate has been reduced three times, going from 1.75% to 0.25%.
We are reviewing some of the top stories affecting the Canadian mortgage market on the Purview blog, including:
- The Bank of Canada interest rate
- Mortgage deferral requests
- The impact on mortgage rates
- Government of Canada assistance
- And more