Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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The best GIC rates in Canada for August 2023 Aug 29th
Investing
The best GIC rates in Canada for August 2023
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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Mortgage broker vs. bank—which will save you more money? + MORE Jun 1st
Choosing a mortgage broker or a bank for your home loan will likely influence which mortgage you end up with. On top of that, there are pluses and minuses to both, as we detail in the table below. Before we dive into which may best suit your financial situation, let’s look at the differences betwe.... More »
Is an all-weather portfolio the answer to the shortage of “safe” investments? + MORE Oct 27th
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »
How Do Travel Rewards Work on a Credit Card? Jan 11th
So, you want to take a dream vacation. Is it worth it to rack up charges on your travel rewards credit card? This can be an excellent way for you to save money, but only if you can maintain a reasonable level of spending and pay off your debt in full each month. If you stay on top of your spending .... More »
4 Low Risk Alternatives to Chequing Accounts + MORE Jan 27th
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some o.... More »
Everyone’s mortgage is about to get more expensive
– macleans.ca
The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in payments.
Even before Wednesday’s decision, five of the country’s largest banks hiked five-year fixed rates 15 basis points to 5.14 per cent last week. (CIBC is still offering 4.99 per cent.) In a country where consumers have grown accustomed to low rates, and where households are burdened with record levels of debt relative to income, this kind of change is worth noting. A recent survey published by insolvency trustee MNP Ltd. found 48 per cent of Canadian respondents were $200 or less away from being unable to fulfill their monthly financial obligations, an eight point increase since September.
The below chart shows the conventional fixed five-year mortgage rate, which is an average of the Big Six banks’ posted rates, published by the Bank of Canada over the past decade…
At midday: Financial stocks lead TSX higher
– theglobeandmail.com
Tech, industrials lead Wall Street higher, banks drop
Your mortgage is about to get more expensive
– moneysense.ca
The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in payments.Even before Wednesday’s decision, five of the country’s largest banks hiked five-year fixed rates 15 basis points to 5.14 per cent last week. (CIBC is still offering 4.99 per cent.) In a country where consumers have grown accustomed to low rates, and where households are burdened with record levels of debt relative to income, this kind of change is worth noting. A recent survey published by insolvency trustee MNP Ltd. found 48 per cent of Canadian respondents were $200 or less away from being unable to fulfill their monthly financial obligations, an eight point increase since September.
READ: Higher rates could spell comeback for 5-year mortgages
The below chart shows the conventional fixed five-year mortgage rate, which is an average of the Big Six banks’ posted rates, published by the Bank of Canada over the past decade…
