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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Variable mortgage rates regaining traction as Bank of Canada cuts rates Sep 6th
The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans.
The rate cut prompted big commercial banks to lower their prime rates, which are used to set the r.... More »
The best GIC rates in Canada for 2026 Apr 16th
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Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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The 10 best rewards credit cards in Canada for July 2023 + MORE Jul 1st
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The 10 best no-fee credit cards in Canada for July 2023
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Cautious optimism for federal plan to let rent count toward credit scores + MORE Apr 1st
The federal government’s commitment to have rent payments counted toward credit scores is being welcomed by companies that already offer the service, while renter advocates have raised concerns.
The plan to make the practice more widespread is encouraging, said Andrew Graham, chief executiv.... More »
The best GIC rates in Canada for 2024 + MORE May 21st
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The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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Housing affordability: What happens when lower home prices take on higher borrowing costs?
– moneysense.ca
Canadian home prices are falling. Borrowing costs are increasing at an incredible rate. It’s the battle royale of home ownership affordability: Will wannabe home owners benefit from the real estate market correction, or will their dreams be crushed by the rising mortgage costs that are causing it?
I believe that improved home ownership affordability is on the way, but that the “improvement” will likely be modest. To understand why, it helps to know how we got here and to consider what happens to the affordability equation as home prices go down and borrowing costs go up.
Inflation (not rates) is the biggest concern for central banks
Since March 2022, the Bank of Canada (BoC) has been raising interest rates in an effort to tame runaway inflation.
In June, inflation in Canada reached a 39-year high of 8.1% year-over-year, after decades of mostly low, stable and predictable inflation. It eased to 7.6% in July, but it remains well above the BoC’s target of 2% annual inflation…
