Tag: Rate

What’s behind your mortgage rate

It looked like a puzzle: As the COVID-19 pandemic spread, central banks—including the Bank of Canada—quickly cut interest rates to cushion the blow. But rates on new mortgages didn’t decline much, and some actually went up. Why? Remember that your lender’s funding cost determines most of the mortgage rate. The cost of funding jumped in…

Alberta’s unemployment rate hit 13 per cent in April

Alberta’s unemployment rate skyrocketed in April after non-essential businesses were forced to close amid the COVID-19 pandemic. The province lost 243,800 jobs in April, bringing the unemployment rate to 13.4 per cent, up from 8.7 per cent in March, according to Statistics Canada’s Labour Force Survey released May 8. The only two provinces with higher…