Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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With a global debt load of $291 trillion, these are dangerous times Jan 6th
(iStock)
Scribes of my generation were programmed to keep numbers out of the first sentence of works of journalism. Now that we are in the second sentence, I can relay the Institute of International Finance’s latest tally of global debt: $291 trillion at current exchange rates. That’s the most .... More »
The best rewards debit cards in Canada for 2024 Mar 5th
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The best rewards debit cards in Canada for 2024
These are the debit cards that can earn you rewards like cash back, PC Optimum points, Scene+ points and Air Miles.
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CategoryAccountBest for rewards.... More »
Watchdog to probe how banks handle complaints + MORE Nov 22nd
The Financial Consumer Agency of Canada has got the green light to probe how banking customer complaints are handled internally and by external complaint bodies..... More »
Banks poised to report strong Q2 despite housing slowdown: analysts May 22nd
Canada's biggest banks are upping the ante in the mortgage wars amid slowing growth and national housing sales at lows not seen in several years, but analysts say real estate market woes won't dent lenders' earnings, just yet..... 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 »
Has ‘fixing’ Canada’s mortgage market made it riskier?
– macleans.ca
THE CANADIAN PRESS IMAGES/Sean KilpatrickAdam Farber has a practical, if slightly gory, view of his place in Canada’s mortgage market. “You come to me with an open wound,” he says. “You’ve been beaten up. I’m your last option.” Farber, the vice-president of Corwin Mortgage Capital in Toronto, is a private mortgage lender. Borrowers who can’t get a loan elsewhere will sometimes seek private funds that bear higher interest rates. It’s a business that’s mostly unregulated—and set to grow. Ironically, one of the unintended—and potentially dangerous—consequences of regulators’ recent attempts to stabilize the mortgage market may be to push people toward riskier products. “My business is going to explode at this point,” Farber predicts. “With me, people are going to qualify because there’s no stress-test.”
Earlier this month, the Office of the Superintendent of Financial Institutions, the country’s banking regulator, introduced a new stress-test for banks to apply to borrowers…
