Mortgage News & Press Releases - July 2002
- Housing Starts Remain Above the 200,000 Mark in June
OTTAWA, Ontario, July 8, 2002 — The seasonally adjusted annual rate* of housing starts in Canada slipped 0.6 per cent in June to 202,100 units from 203,300 units in May, according to Canada Mortgage and Housing Corporation (CMHC).
- Bank of Canada raises overnight rate target by 1/4 percentage point to 2 3/4 per cent
OTTAWA, Ontario, July 16, 2002 — The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 3/4 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 3 per cent.
- Bank of Canada Releases Monetary Policy Report Update
OTTAWA, Ontario, July 24, 2002 — The Bank of Canada today released its Update to the April Monetary Policy Report, in which it discusses economic and financial trends in the context of Canada's inflation-control strategy.
- Deputy Prime Minister Manley Announces CMHC's 2002 Housing Awards Finalists
OTTAWA, Ontario, July 31, 2002 — Fourteen finalists in Canada Mortgage and Housing Corporation's (CMHC) Housing Awards Program (HAP), which recognizes significant contributions to the advancement of Canadian housing, were announced today by the Honourable John Manley, Deputy Prime Minister, Minister of Finance and Minister of Infrastructure and Crown …
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Prime means "best," and this is the rate that banks charge their absolute best customers for loans. Changes in the prime rate influence changes in other rates, including variable interest rate mortgages. This rate fluctuates based on economic conditions.
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