The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
Canadians Ill-Prepared for a Rate Hike; Unprecedented Debt Imminent + MORE Jun 30th
A new report finds Canadians are facing a future where an unprecedented amount of household income will go towards debt servicing.
The Household Indebtedness and Financial Vulnerability report by the Parliamentary Budget Officer is raising concerns on the level of household debt amongst Canadians. .... More »
3 Ways: How to Really Save When You’re a Student Sep 11th
Happy New Year! Ok… So maybe it’s not actually the new year – but a recent Tangerine study found 60 per cent of Canadians view the start of the school year as an unofficial new beginning. And, with this fresh start comes new resolutions, especially for personal finances, according.... More »
The Best Credit Cards for First-Year University and College Students + MORE Aug 14th
Congratulations! You’ve graduated high school and now you’re taking the next big step in your life. Starting post-secondary education involves a lot of firsts – it may be the first time you’re living away from home, the first time cooking for yourself consistently, and perhaps the first tim.... More »
Mortgage Market Madness? + MORE Feb 7th
Are we in for a second round of the Great Canadian Mortgage wars? The 5-year fixed cost of borrowing plunged this week to 2.99%, sparking a flurry of headlines and speculation. Will this cause the housing market to reheat to dangerous levels? Should buyers rush into the market? Will Jim Flaherty ha.... More »
Eyeing weakness in Russian economy, West seeks to inflict more pain on Moscow Jul 30th
WASHINGTON – Citing Russia’s stalled growth rate and a flow of foreign capital out of Moscow, U.S. and European officials hope a new round of sanctions targeting energy and defence entities, as well as major banks, will deepen Russia’s economic pain even further and force President.... More »
New CMHC Guarantee Cap Could Raise Mortgage Rates
– ratesupermarket.ca
New restrictions were announced today by the Canadian Mortgage and Housing Corporation (CMHC) that could make it harder to qualify for a mortgage – and may also push mortgage rates to new highs.
The crown corporation has introduced a monthly cap on mortgage guarantees at $350 million for each mortgage lender, including all banks and credit unions. The move is the latest effort made by the government to slow the housing market and decrease Canadian household mortgage debt levels.
Prior to these changes, banks had access to an annual guarantee cap of $900 billion. However, a flux of new mortgages in 2013 has prompted the government to take further action to cool the housing market. The first step was implementing a $85-billion budget for 2013 under the National Housing act Mortgage Backed Securities program – but $66 billion of those funds have already been committed, as of the end of July. The new monthly cap has been put in place to counter this higher than expected mortgage volume…
New CMHC Guarantee Cap Could Raise Mortgage Rates
– ratesupermarket.ca
New restrictions were announced today by the Canadian Mortgage and Housing Corporation (CMHC) that could make it harder to qualify for a mortgage – and may also push mortgage rates to new highs.
The crown corporation has introduced a monthly cap on mortgage guarantees at $350 million for each mortgage lender, including all banks and credit unions. The move is the latest effort made by the government to slow the housing market and decrease Canadian household mortgage debt levels.
Prior to these changes, banks had access to an annual guarantee cap of $900 billion. However, a flux of new mortgages in 2013 has prompted the government to take further action to cool the housing market. The first step was implementing a $85-billion budget for 2013 under the National Housing act Mortgage Backed Securities program – but $66 billion of those funds have already been committed, as of the end of July. The new monthly cap has been put in place to counter this higher than expected mortgage volume…
New mortgage rules will hit banks’ liquidity
– theglobeandmail.com
Measure limiting access to government guarantees expected to cool stockpiling of easily sold assets
Mortgage news
– moneysense.ca
The CHMC is limiting guarantees it offers banks and other lenders on mortgage-backed securities which could in turn lead banks to raise interest rates on residential mortgages.
It’s official. Actuaries are now using updated tables that show we’re living roughly two years longer to calculate pension liabilities, says Towers Watson. So what does this mean for savers and investors? As life expectancy increases, employers will need to cover higher numbers of pensioners for longer periods of time, increasing pension liabilities and requiring larger pension contributions which could affect balance sheets fairly quickly. It also means workers with a defined-contribution plan could have to save more or delay retirement.
New time restrictions, fees and baggage requirements….Air Canada’s check-in crackdown needs fixing, writes Peter Nowak for Canadian Business.
It’s official. Actuaries are now using updated tables that show we’re living roughly two years longer to calculate pension liabilities, says Towers Watson. So what does this mean for savers and investors? As life expectancy increases, employers will need to cover higher numbers of pensioners for longer periods of time, increasing pension liabilities and requiring larger pension contributions which could affect balance sheets fairly quickly. It also means workers with a defined-contribution plan could have to save more or delay retirement.
New time restrictions, fees and baggage requirements….Air Canada’s check-in crackdown needs fixing, writes Peter Nowak for Canadian Business.
In its latest bid to bring down the mercury on Canada’s housing market, the Canadian government, through CMHC, will cap the guarantees it offers banks and other lenders on the mortgage-backed securities they issue. That could lead to higher borrowing costs.
