Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
BOJ’s Kuroda warns low rates may sow seeds of new financial crisis Feb 16th
Bank of Japan Governor offers his strongest warning to date of the demerits of aggressive monetary easing pursued by major central banks
.... More »
Zika reports blamed for business downturn in Miami’s Wynwood Aug 9th
MIAMI – Business has plummeted in Miami’s Wynwood arts district since Zika infections were reported there, according to gallery and restaurant owners who want government officials to speed up their response and help offset their losses.
At an emergency meeting Monday, the Wynwood Busines.... More »
Take the Quiz: Do You Know Your Credit Score Fundamentals? Jun 26th
Your credit score is a very important number, which can help you get an apartment, car loan, mortgage, personal loan, or rewards credit card, among other financial decisions.
It is vital to know your credit rating and, if necessary, how to improve it. Staying up to date with your credit report can .... More »
Questrade vs. Wealthsimple: which online investing service is right for you? + MORE Dec 6th
If you’ve decided to try out online investing and have narrowed down your choices to Wealthsimple and Questrade—congratulations! Both are solid Canadian options that can help you grow your money and achieve your investment goals.
But choosing between the two can be tricky. While the two financia.... More »
At midday: TSX lower as Home Capital, big banks weigh + MORE May 12th
Wall Street slips as retailer woes continue
.... More »
This mortgage loophole puts us at risk
– moneysense.ca
If the Canadian housing market were to crash it would be catastrophic. At least, that’s the synopsis of the latest Moody’s Investors Service report.
According to their analysis the six big banks would lose nearly $12 billion while CMHC and other mortgage insurers would be on the hook for as much as $6 billion, but only if Canada were to experience a U.S.-style housing crisis where home values were to fall by as much as 35%.
Apparently, the report was a stress-test: a number-crunching exercise to reveal the worst-case scenario; situations that might occur, like a sharp increase in interest rates or massive job layoffs. But one Toronto mortgage broker is far less concerned about less than probable extreme market corrections.
The five-year fixed loophole
Based out of Toronto, Calum Ross works with high net worth clients as a dually licensed wealth advisor (with his MBA) and as an independent mortgage broker. Over the years, Ross has grown more and more concerned with mortgage qualification rules and how loopholes could contribute to over-leveraged homeowners and a potentially catastrophic future fall-out…
According to their analysis the six big banks would lose nearly $12 billion while CMHC and other mortgage insurers would be on the hook for as much as $6 billion, but only if Canada were to experience a U.S.-style housing crisis where home values were to fall by as much as 35%.
Apparently, the report was a stress-test: a number-crunching exercise to reveal the worst-case scenario; situations that might occur, like a sharp increase in interest rates or massive job layoffs. But one Toronto mortgage broker is far less concerned about less than probable extreme market corrections.
The five-year fixed loophole
Based out of Toronto, Calum Ross works with high net worth clients as a dually licensed wealth advisor (with his MBA) and as an independent mortgage broker. Over the years, Ross has grown more and more concerned with mortgage qualification rules and how loopholes could contribute to over-leveraged homeowners and a potentially catastrophic future fall-out…
Brexit sell-off batters global stocks
– theglobeandmail.com
$3-trillion (U.S.) lost on markets since surprise result, with London’s big banks taking the hardest hit
