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
Bank fees for non-sufficient funds will be capped at $10—but not until next March Mar 21st
Ottawa has put in place new rules limiting the fees banks can levy on customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charges.
The updates, included in an order-in-council last week (March 12), cap non-sufficient funds fees at $10 for personal deposit.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks Nov 9th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
When is open banking coming to Canada? Ottawa says “at the earliest opportunity” Jun 19th
The federal government says it will introduce legislation to implement open banking at its “earliest opportunity” as some advocates warn the project’s momentum may have stalled.
Open banking or consumer-driven banking, as Ottawa calls it, is about allowing Canadians and businesses to secure.... More »
Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit Jan 18th
Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order..... More »
As Canada’s first oilsands mine nears 50 year mark, site a contrast of old, new Jun 23rd
Nearly 50 years after the opening of Canada’s first major oilsands mine, the site on the banks of Alberta’s Athabasca River is an epicentre of energy, teeming with bustling workers amid signs of its pioneering past and cutting-edge future.
One of the mine’s upgraders _ opened in Se.... More »
TD Bank joins RBC in hiking fixed mortgage rates
– moneysense.ca
TORONTO – TD Bank (TSX:TD) has quietly increased its fixed mortgage rates ahead of a similar move by Royal Bank of Canada (TSX:RY) to take effect Thursday, the latest sign that Canada’s big banks are hiking the costs of borrowing for homeowners.Cheryl Ficker, a spokeswoman for TD, said Wednesday that the lender raised its special rate offer for a four-year fixed mortgage by five basis points to 2.44 per cent and for a five-year fixed mortgage by 10 basis points to 2.69 per cent. The changes kicked in Tuesday and affect all amortization periods, Ficker said.
Rob McLister, a mortgage broker at IntelliMortgage and founder of RateSpy.com, said he expects the other big banks will quickly move in lockstep because of a massive sell-off in the bond market that has made it more expensive for banks to get access to cash.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}Higher mortgage rates coming tomorrow and Trump’s to blame
“When bond yields shoot up 25-plus basis points like we’ve seen in the last week, the big banks move like a herd,” said McLister…
RBC Second of the Big Banks to Hike Mortgage Rates
– ratesupermarket.ca
Mortgage rates still remain low overall, but another major bank has announced a rise in mortgage rates, effective immediately. In a statement earlier this week, Royal Bank of Canada says it has raised its special offer five-year fixed mortgage rate to 2.94 per cent, and its four-year rate to 2.79 per cent – an increase of 30 basis points. Three-year fixed rates have also increased by 25 basis points to 2.69 per cent.
For amortizations greater than 25 years, the jump is even steeper. The five-year and four-year rates have risen by 40 basis points to 3.04 per cent and 2.89 per cent, respectively. The three-year fixed rate product has gone up by 35 basis points to 2.79 per cent.
Also read: TD Canada Trust hikes prime mortgage rate – what’s next?
How Will this Change My Mortgage?
To find out how much more these products will cost homebuyers, we used RateSupermarket.ca’s mortgage payment calculator to crunch some numbers. Therefore, if we take the average Canadian home price which currently stands at $481,994 and assume that a buyer puts 20 per cent down, these new rates will amount to this individual paying the following on a 25-year amortization:
Five-year fixed rate mortgage: $59 more monthly, $703…
RBC Second of the Big Banks to Hike Mortgage Rates
– ratesupermarket.ca
Mortgage rates still remain low overall, but another major bank has announced a rise in mortgage rates, effective immediately. In a statement earlier this week, Royal Bank of Canada says it has raised its special offer five-year fixed mortgage rate to 2.94 per cent, and its four-year rate to 2.79 per cent – an increase of 30 basis points. Three-year fixed rates have also increased by 25 basis points to 2.69 per cent.
For amortizations greater than 25 years, the jump is even steeper. The five-year and four-year rates have risen by 40 basis points to 3.04 per cent and 2.89 per cent, respectively. The three-year fixed rate product has gone up by 35 basis points to 2.79 per cent.
Also read: TD Canada Trust hikes prime mortgage rate – what’s next?
How Will this Change My Mortgage?
To find out how much more these products will cost homebuyers, we used RateSupermarket.ca’s mortgage payment calculator to crunch some numbers. Therefore, if we take the average Canadian home price which currently stands at $481,994 and assume that a buyer puts 20 per cent down, these new rates will amount to this individual paying the following on a 25-year amortization:
For amortizations greater than 25 years, the jump is even steeper. The five-year and four-year rates have risen by 40 basis points to 3.04 per cent and 2.89 per cent, respectively. The three-year fixed rate product has gone up by 35 basis points to 2.79 per cent.
Also read: TD Canada Trust hikes prime mortgage rate – what’s next?
How Will this Change My Mortgage?
To find out how much more these products will cost homebuyers, we used RateSupermarket.ca’s mortgage payment calculator to crunch some numbers. Therefore, if we take the average Canadian home price which currently stands at $481,994 and assume that a buyer puts 20 per cent down, these new rates will amount to this individual paying the following on a 25-year amortization:
Five-year fixed rate mortgage: $59 more monthly, $703…
