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The benchmark interest rate in Canada was last recorded at 2.75 percent. This dataset provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.
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The Canadian housing market, particularly in major urban centers, has experienced a prolonged period of rapid price appreciation, driven by factors such as low interest rates, strong population growth, and limited supply. According to the Canada Mortgage and Housing Corporation (CMHC), the national average house price rose by more than 50% between 2020 and 2022, with prices in some major cities, such as Toronto and Vancouver, increasing by even more. This rapid price growth has made it increasingly difficult for many Canadians to afford a home, especially in the country's most desirable markets. However, the Canadian housing market is starting to show signs of cooling in 2023, as rising interest rates and stricter mortgage lending rules from the government begin to take effect. The CMHC predicts that the national average house price will decline by 7.6% in 2023, with prices in some markets, such as Toronto and Vancouver, expected to fall by even more. This cooling is expected to continue in 2024, with the CMHC predicting a further decline in the national average house price of 3.2%. The long-term outlook for the Canadian housing market is more uncertain, but the CMHC expects that prices will continue to rise, albeit at a more moderate pace. The Canadian housing market is one of the most expensive in the world, with prices in major cities like Toronto and Vancouver soaring to record highs in recent years. This has led to a growing concern about affordability, as many Canadians are being priced out of the market. Key drivers for this market are: Increasing Adoption of Remote and Hybrid Work Model. Potential restraints include: Lack of Privacy. Notable trends are: Pandemic Accelerated Luxury Home Sales in Major Canadian Markets.
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Key information about Canada Long Term Interest Rate
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The Canada mortgage/loan brokers market size was valued at XX million in 2025 and is projected to grow at a CAGR of 5.00% from 2025 to 2033. The growth of the market can be attributed to the increasing demand for mortgages due to rising home prices and low interest rates. Other factors driving the market growth include the growing number of first-time homebuyers and the increasing awareness of the benefits of using a mortgage broker. Some of the key trends in the Canada mortgage/loan brokers market include the increasing use of technology, the growing popularity of online mortgage applications, and the increasing demand for personalized advice from mortgage brokers. The market is also witnessing a consolidation trend, with large mortgage brokers acquiring smaller ones to gain market share. The market is dominated by a few large players, such as True North Mortgage, KeyRate Corp, and CanWise Financial. These companies have a strong brand presence and a wide network of brokers. The market is also characterized by the presence of a large number of small and medium-sized mortgage brokers. These brokers typically focus on a specific niche market or geographic area. Recent developments include: In October 2023, True North Mortgage expands its Rate Relief product lineup, which initially launched with the lowest 6-month fixed rate around. The new 1-year Rate Relief mortgage is for those buying a home or who want to switch lenders at renewal to a better rate., November 2022: Home Capital Group Inc. announced that it had signed a legally binding contract (the "Arrangement Agreement") to be bought out by a wholly-owned subsidiary of Smith Financial Corporation ("SFC"), a company run by Stephen Smith., August 2022: Rocket Mortgage Canada, a digital mortgage broker based in Windsor, Ontario, made it official that it would stop doing business as Edison Financial and instead do business across the country under the name Rocket Mortgage. Rocket Mortgage said that it will change its brand and start lending directly in Canada later this year. Rocket Mortgage's agents talk with clients from all walks of life on a regular basis. Because of this, the company is in a unique position to use the information learned from these conversations to make loan products that work well and meet customer needs.. Notable trends are: Booming Alternative or Private Lending Market.
Canada's inflation rate experienced significant fluctuations from 2018 to 2025. Inflation peaked at *** percent in June 2022 before steadily declining to *** percent by December 2024. In early 2025, inflation began to increase again, rising to *** percent in February, and dropping to *** percent in March. In response to rising inflation between 2020 and 2022, the Bank of Canada implemented aggressive interest rate hikes. The bank rate reached a maximum of **** percent in July 2023 and remained stable until June 2024. As inflationary pressures eased in the second half of 2024, the central bank reduced interest rates to *** percent in December 2024. In 2025, the bank rate witnessed two cuts, standing at ***** percent in April 2025. This pattern reflected broader global economic trends, with most advanced and emerging economies experiencing similar inflationary challenges and monetary policy adjustments. Global context of inflation and interest rates The Canadian experience aligns with the broader international trend of central banks raising policy rates to combat inflation. Between 2021 and 2023, nearly all advanced and emerging economies increased their central bank rates. However, a shift occurred in the latter half of 2024, with many countries, including Canada, beginning to lower rates. This change suggests a new phase in the global economic cycle and monetary policy approach. Notably, among surveyed countries, Russia maintained the highest interest rate in early 2025, while Japan had the lowest rate. Comparison with the United States The United States experienced a similar trajectory in inflation and interest rates. U.S. inflation peaked at *** percent in June 2022, slightly higher than Canada's peak. The Federal Reserve responded with a series of rate hikes, reaching **** percent in August 2023. This rate remained unchanged until September 2024, when the first cut since September 2021 was implemented. In contrast, Canada's bank rate peaked at **** percent and began decreasing earlier, with cuts in June and July 2024. These differences highlight the nuanced approaches of central banks in managing their respective economies amid global inflationary pressures.
Mortgage interest rates worldwide varied greatly in 2024, from less than **** percent in many European countries, to as high as ** percent in Turkey. The average mortgage rate in a country depends on the central bank's base lending rate and macroeconomic indicators such as inflation and forecast economic growth. Since 2022, inflationary pressures have led to rapid increase in mortgage interest rates. Which are the leading mortgage markets? An easy way to estimate the importance of the mortgage sector in each country is by comparing household debt depth, or the ratio of the debt held by households compared to the county's GDP. In 2023, Switzerland, Australia, and Canada had some of the highest household debt to GDP ratios worldwide. While this indicator shows the size of the sector relative to the country’s economy, the value of mortgages outstanding allows to compare the market size in different countries. In Europe, for instance, the United Kingdom, Germany, and France were the largest mortgage markets by outstanding mortgage lending. Mortgage lending trends in the U.S. In the United States, new mortgage lending soared in 2021. This was largely due to the growth of new refinance loans that allow homeowners to renegotiate their mortgage terms and replace their existing loan with a more favorable one. Following the rise in interest rates, the mortgage market cooled, and refinance loans declined.
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The Canadian mortgage and loan broker market is experiencing robust growth, driven by several key factors. A consistently strong housing market, coupled with increasing demand for diverse financial products like home loans, commercial and industrial loans, and vehicle loans, fuels this expansion. The rising complexity of mortgage products and the increasing need for personalized financial advice have created a significant demand for brokers' expertise, further boosting market size. The market is segmented by enterprise size (large, small, mid-sized), loan type (home loans, commercial/industrial loans, vehicle loans, government loans, others), and end-user (businesses, individuals). While precise market size figures are unavailable, we can infer substantial value based on the provided CAGR of >5% and a reported study period of 2019-2033. Given this growth trajectory and the established presence of numerous brokers (including True North Mortgage, KeyRate Corp, CanWise Financial, and others), a conservative estimate for the 2025 market size would fall within the range of $X Billion, with projections expecting continued expansion throughout the forecast period (2025-2033). This growth is not uniform across segments; the home loan segment likely dominates the market, while commercial and industrial loans, influenced by economic cycles, exhibit fluctuating demand. The increasing adoption of digital platforms and technological advancements within the brokerage sector will further shape market dynamics in the coming years. However, certain restraints exist. Regulatory changes and economic fluctuations influence market stability. Competition among established brokers and the emergence of new players add to the dynamic landscape. Maintaining consumer trust and complying with evolving regulations are critical for sustained success. The Canadian market showcases a strong preference for mortgage brokers, evidenced by the numerous established firms and sustained market growth. The industry's future growth will depend on effectively navigating regulatory compliance and leveraging technological advancements to deliver efficient and personalized services to a diverse clientele. This competitive market is expected to witness continued growth fueled by both established players and the entrance of new firms, capitalizing on the increasing demand for expert financial guidance in an evolving mortgage landscape. Recent developments include: In October 2023, True North Mortgage expands its Rate Relief product lineup, which initially launched with the lowest 6-month fixed rate around. The new 1-year Rate Relief mortgage is for those buying a home or who want to switch lenders at renewal to a better rate., November 2022: Home Capital Group Inc. announced that it had signed a legally binding contract (the "Arrangement Agreement") to be bought out by a wholly-owned subsidiary of Smith Financial Corporation ("SFC"), a company run by Stephen Smith., August 2022: Rocket Mortgage Canada, a digital mortgage broker based in Windsor, Ontario, made it official that it would stop doing business as Edison Financial and instead do business across the country under the name Rocket Mortgage. Rocket Mortgage said that it will change its brand and start lending directly in Canada later this year. Rocket Mortgage's agents talk with clients from all walks of life on a regular basis. Because of this, the company is in a unique position to use the information learned from these conversations to make loan products that work well and meet customer needs.. Notable trends are: Booming Alternative or Private Lending Market.
Loan Servicing Software Market Size 2025-2029
The loan servicing software market size is forecast to increase by USD 3.43 billion, at a CAGR of 13.4% between 2024 and 2029.
The market is driven by the increasing demand for efficiency in lending operations. Lenders seek to streamline their processes and reduce operational costs, making automated loan servicing solutions increasingly valuable. Strategic partnerships and acquisitions among market participants further fuel market expansion, as they collaborate to offer comprehensive solutions and expand their reach. Creditworthiness is assessed using credit scoring algorithms, alternative data sources, and AI, ensuring lenders mitigate default risk. However, the market faces challenges from open-source loan servicing software, which can offer cost-effective alternatives to proprietary solutions.
As competition intensifies, companies must differentiate themselves through superior functionality, customer service, and integration capabilities to maintain market share. To capitalize on opportunities and navigate challenges effectively, market players should focus on continuous innovation, strategic partnerships, and robust customer support.
What will be the Size of the Loan Servicing Software Market during the forecast period?
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The market continues to evolve, driven by the need for system scalability, regulatory reporting, and enhanced user experiences. Loan servicers seek solutions that seamlessly integrate escrow management, automated payment processing, machine learning, and predictive analytics. Hybrid loan servicing models, which combine on-premise and cloud-based systems, are gaining popularity. Loan portfolio management, loan servicing workflow, and loan origination systems are key areas of focus. Mobile loan servicing and loan servicing consulting are also important, as servicers strive for increased efficiency and improved customer communication management. Risk management, data migration, API integration, and document management are essential components of modern loan servicing solutions.
Default management, foreclosure management, and audit trail are also critical, ensuring regulatory compliance and data integrity. Loan servicing reporting, fraud detection, and loan servicing analytics are crucial for effective decision-making. User experience and loan servicing training are also prioritized, as servicers aim to provide exceptional customer satisfaction. Artificial intelligence and machine learning are transforming loan servicing, enabling predictive analytics and automated loan modification processing. Regulatory reporting and system scalability remain top priorities, as servicers navigate the evolving loan servicing landscape.
How is this Loan Servicing Software Industry segmented?
The loan servicing software industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Application
Banks
Credit unions
Mortgage lenders
Brokers
Others
Deployment
Cloud-based
On-premises
Component
Software
Services
Sector
Large enterprises
Small and medium enterprises
Geography
North America
US
Canada
Europe
France
Germany
Italy
UK
APAC
China
India
Japan
South Korea
Rest of World (ROW)
By Application Insights
The banks segment is estimated to witness significant growth during the forecast period.
Loan servicing software is a crucial component of loan origination and servicing technologies (LOS) utilized by banks and financial institutions (BFSI). This software streamlines daily operations by enabling BFSI to accept loan applications online through their websites. The convenience of digital applications aligns with customers' preferences for using the Internet and smartphones. LOS solutions offer features such as EMI calculators, loan eligibility ready reckoners, and document checklists, facilitating a seamless application process 24/7. Pre-configured workflows for credit scoring, document checklist, and approvals significantly reduce turnaround time, enhancing operational efficiency by up to 50%. Escrow management, automated payment processing, and loan portfolio management are integral functions of loan servicing software.
Machine learning and predictive analytics optimize risk management, while user experience and document management ensure customer satisfaction. Cloud-based loan servicing and mobile loan servicing cater to the evolving needs of customers. Loan servicing consulting and automation services help institutions optimize their loan servicing pro
Personal Loans Market Size 2025-2029
The personal loans market size is forecast to increase by USD 803.4 billion, at a CAGR of 15.2% between 2024 and 2029.
The market is witnessing significant advancements, driven by the increasing adoption of technology in loan processing. Innovations such as artificial intelligence and machine learning are streamlining application processes, enhancing underwriting capabilities, and improving customer experiences. Moreover, the shift towards cloud-based personal loan servicing software is gaining momentum, offering flexibility, scalability, and cost savings for lenders. However, the market is not without challenges. Compliance and regulatory hurdles pose significant obstacles, with stringent regulations governing data privacy, consumer protection, and fair lending practices. Lenders must invest in robust compliance frameworks and stay updated with regulatory changes to mitigate risks and maintain a competitive edge.
Additionally, managing the increasing volume and complexity of loan applications while ensuring accuracy and efficiency remains a pressing concern. Addressing these challenges through technological innovations and strategic partnerships will be crucial for companies seeking to capitalize on the market's growth potential and navigate the competitive landscape effectively.
What will be the Size of the Personal Loans Market during the forecast period?
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The market continues to evolve, driven by advancements in technology and shifting consumer preferences. Digital lending platforms enable online applications, automated underwriting, and instant loan disbursement. APIs integrate various financial planning tools, such as FICO score analysis and retirement planning, ensuring a comprehensive borrowing experience. Unsecured loans, including personal installment loans and lines of credit, dominate the market. Credit history, interest rates, and borrower eligibility are critical factors in determining loan terms. Predictive modeling and machine learning algorithms enhance risk assessment and fraud detection. Consumer protection remains a priority, with regulations addressing identity theft and fintech literacy.
Credit utilization and debt management are essential components of loan origination and debt consolidation. Repayment schedules and debt management plans help borrowers navigate their financial obligations. Market dynamics extend to sectors like student loans, auto loans, and mortgage loans. Loan servicing, collection agencies, and loan application processes ensure efficient loan administration. Open banking and data analytics facilitate seamless financial transactions and improve loan approval processes. Small business loans and secured loans also contribute to the market's growth. Continuous innovation in digital lending, credit scoring, and loan origination shapes the future of the market.
How is this Personal Loans Industry segmented?
The personal loans industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Application
Short term loans
Medium term loans
Long term loans
Type
P2P marketplace lending
Balance sheet lending
Channel
Banks
Credit union
Online lenders
Purpose
Debt Consolidation
Home Improvement
Medical Expenses
Education
Geography
North America
US
Canada
Europe
France
Germany
Italy
UK
APAC
China
India
Japan
South America
Brazil
Rest of World (ROW)
By Application Insights
The short term loans segment is estimated to witness significant growth during the forecast period.
Personal loans continue to gain traction in the US market, driven by the convenience of online applications and the increasing adoption of digital lending. Unsecured loans, such as personal installment loans and lines of credit, allow borrowers to access funds quickly for various personal expenses, including debt consolidation and unexpected expenses. Short-term loans, including payday loans and auto title loans, provide immediate financial relief with quick approval and flexible repayment schedules. Predictive modeling and machine learning enable automated underwriting, streamlining the loan origination process and improving borrower eligibility assessment. Credit scoring, FICO scores, and debt-to-income ratios (DTIs) are essential components of the credit evaluation process, ensuring responsible lending practices.
Digital lending platforms offer customer service through various channels, including mobile banking and open banking, enhancing the borrower
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Housing Starts in Canada decreased to 279.50 Thousand units in May from 280.20 Thousand units in April of 2025. This dataset provides the latest reported value for - Canada Housing Starts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
The average house price in Nova Scotia in 2024 stood at approximately 447,800 Canadian dollars. In the next year, house prices are forecast to further increase by about five percent. Compared to other provinces, Nova Scotia ranked below the national average in terms of house prices. However, the average price of a house in Nova Scotia was twice lower than in Ontario or British Columbia. Exploding population growth in recent yearsNova Scotia is the second-smallest province after Prince Edward Island, and had a population of just under one million in 2018. The population of this province was relatively steady between 2000 and 2015, but has taken off since then. This sudden growth may be a factor in the increasing house prices, as demand also increases due to the greater number of residents looking for homes. The future of housing affordability in Nova ScotiaHalifax, the provincial capital, had an affordable housing market as of 2018, with mortgage payments only constituting about 30 percent of average household incomes. The number of housing starts in the region has increased in the past few years, which also suggests an increase in demand. Only time will tell whether this will ensure a sufficient supply of homes for the region in response to its growing population.
Digital Lending Market Size 2024-2028
The digital lending market size is forecast to increase by USD 34.56 billion at a CAGR of 26.63% between 2023 and 2028.
The market is experiencing significant growth, driven by the increasing adoption of advanced fintech technologies in the lending process. This shift towards digital solutions is evident in the rise of cloud-based digital lending servicing software offerings, which streamline operations and enhance the borrower experience. However, this market landscape is not without challenges. Compliance, cybersecurity and regulatory hurdles related to lending continue to pose significant obstacles. As regulatory bodies impose stricter rules to ensure transparency and security in digital transactions, lenders must invest in robust compliance frameworks to mitigate risks and maintain regulatory compliance.
Navigating these challenges while capitalizing on the opportunities presented by digital transformation requires a strategic approach. Companies must prioritize investments in technology and compliance to stay competitive and meet evolving borrower demands. By doing so, they can effectively navigate the market's complexities and position themselves for long-term success.
What will be the Size of the Digital Lending Market during the forecast period?
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The market continues to evolve, shaped by the intersection of technology, financial services, and global migration. Banks and money transfer operators are leveraging digital transfer platforms and electronic wallets to cater to the needs of migratory workers, international residents, and businesses. Creditworthiness assessment through data analytics and machine learning algorithms is revolutionizing personal loan applications, while regulatory requirements ensure financial security. Technology plays a pivotal role, with smartphones and mobile devices enabling mobile banking, mobile payments, and online loan applications. Digitalization is transforming wire transfer services, leading to reduced money transfer costs and increased customer satisfaction.
However, this digital shift brings challenges, including cyberattacks and data breaches, necessitating robust cybersecurity measures. Regulators are implementing regulations to mitigate risks, such as money laundering and terrorism funding, while ensuring the seamless operation of digital remittance businesses. The digitalization of cross border payments is accelerating, with blockchain technology and artificial intelligence being explored for faster and more secure transactions. The services segment, including consulting and implementation, is crucial for financial organizations to navigate this complex digital landscape. Digital lending is not just about loans; it's about enhancing the customer experience and ensuring financial inclusion for all.
The ongoing digitalization of financial services is a continuous process, with new trends and applications emerging constantly.
How is this Digital Lending Industry segmented?
The digital lending industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Component
Solution
Service
Deployment
On-premises
Cloud
End-User
Banks
Credit Unions
NBFCs
Fintech
Type
Business Digital Lending
Consumer Digital Lending
Geography
North America
US
Canada
Europe
France
Germany
UK
Middle East and Africa
UAE
APAC
Australia
China
India
Japan
South Korea
South America
Brazil
Rest of World (ROW)
By Component Insights
The solution segment is estimated to witness significant growth during the forecast period.
The market is experiencing significant growth, driven by advancements in technology and the increasing demand for faster and more convenient financial services. Banks and financial institutions are embracing digitalization to offer digital transfer platforms and mobile banking, enabling real-time loan disbursement and processing. International remittances are also being revolutionized through digital remittance services, reducing costs and increasing accessibility for migratory workers and international residents. Creditworthiness assessment through data analytics is a crucial aspect of digital lending, ensuring financial security for both borrowers and lenders. Money transfer operators and digital wallets facilitate seamless money transfers, while regulatory requirements ensure compliance and cybersecurity.
The use of artificial intelligence and machine learning in digital lending enhances customer experience and streamlines loan applications. Mobile devices and internet speed are essential infrastructure components for digital lendin
In November 2024, a single-family house in Oak Bay cost 1.9 million Canadian dollars. Oak Bay was the most expensive suburb in Victoria, British Columbia, followed by Highlands and North Saanich. Victoria: an overview Victoria is the capital city of the province of British Columbia. The city is located south of Vancouver, and across the U.S. border from Seattle. In 2020, the average home price in Victoria was 961,000 Canadian dollars, which placed the city as the sixth most expensive Canadian city for residential real estate. Home affordability in Canada Housing affordability is, undoubtedly, one of the biggest barriers to homeownership in Canada. In 2023, the ratio of homeownership costs to income was 62.5 percent. Nevertheless, more expensive locations in the country had a higher ratio, with Vancouver exceeding 100 percent, suggesting that on average, mortgage payments exceeded the monthly income. Amid lower affordability and worsening homebuyer sentiment, house prices in some of Canada's markets are forecast to decline slightly in 2024.
In April 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In early 2025, Russia maintained the highest interest rate at 21 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at -0.1 percent in April 2025. In contrast, Russia maintained a high inflation rate of 10.2 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.
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Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
The benchmark interest rate in Canada was last recorded at 2.75 percent. This dataset provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.