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
One of the last men out of Fort McMurray May 6th
Roy Powell of Fort McMurray arrives at the Bold Centre in Lac La Biche, AB after being evacuated from fires that have taken over northern Alberta on Wednesday, May 04, 2016 . (Photograph by Chris Bolin)
The afternoon after an entire city of more than 80,000 people cleared out, Fort McMurray reeked o.... More »
TD Bank joins RBC in hiking fixed mortgage rates + MORE Nov 18th
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 Wednesda.... More »
Lost wallet? Here’s how to protect yourself from fraud Mar 29th
You’re rushing out the door and you pat that familiar spot to confirm you’ve got your wallet, only to find…nothing. I don’t know about you, but after searching yesterday’s pockets, my mind goes to some dark places. First, the kitchen pantry. Maybe I put the granola bar in my purse and my w.... More »
Deep-value stocks on the verge of a turnaround? + MORE Oct 1st
Many investors are getting reacquainted with that panicky feeling they felt back in 2008. One type of investor, though, may be welcoming the correction. Deep-value buyers—people who look for stocks that are trading at a large discount to what they appear to be really worth—have had a rough go ov.... More »
The best rewards credit cards in Canada for 2023 + MORE Nov 23rd
Spend
The best rewards credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
Spotlight On Mortgages: August 23, 2013
– ratesupermarket.ca
Canadian High Rise Demand Hits New Low
There’s no denying it – a new high rate reality is upon us. This week brings about another fixed rate increase, as RBC hikes both their discounted and posted offerings between 20 and 30 basis points. This means the five-year fixed posted rate is now 5.34 per cent, and the discounted rate sits at 3.89. Canada’s biggest lender is joined by TD, which hiked the their special five-year posted rate to 3.79 and their posted to 5.14, and Laurentian Bank’s 20-point increase to its three, four and five-year offerings to 3.95, 4.74, and 5.34 per cent.
Last week, the CMHC indicated in the Q3 Housing Market Outlook that rates are foreseen to climb for at least two more years, as the market adjusts to recent restrictions made to lender mortgage funding. This was backed by members of our Mortgage Rate Outlook Panel, who indicated that higher rates are indeed on the horizon. “[Restricting] the amount of CMHC guarantees under the NHA MBS program will probably force through an increase in borrowing costs to the banks,” said Dr…
How the U.S. recovery is driving up Canadian mortgage rates: Erica Alini
– canadianbusiness.com
(Creative Commons/haglundc)One after the other, Canada’s big banks have all hiked-up mortgage rates this week. Why? In large part, it has to do with the U.S. recovery.
There are two major channels in which a healthier and faster-growing economy down south is driving up the cost of borrowing for Canadian homeowners. The first one: Foreign capital that flocked into Canada since the onset of the financial crisis is now flowing out and much of it to the U.S. American banks have repaired their balance sheets. plus, U.S. GDP growth surpassed Canada and is expected to keep up that faster pace for the foreseeable future. Canada’s appeal compared to the U.S., in other words, has diminished both in terms of the perceived safety of the financial system and of economic strength. Investors have taken note and reduced their demand for Canadian debt securities, pushing up bond yields and, consequently, mortgage rates.
There is also another way in which this sort of investor pull-back might affect the Canadian housing market: By putting downward pressure on the demand for Canadian homes…
JACKSON HOLE, Wyo. – The head of the International Monetary Fund cautioned the world’s…
IMF director cautions world’s central banks against premature withdrawal of economic support
– canadianbusiness.com
JACKSON HOLE, Wyo. – The head of the International Monetary Fund cautioned the world’s major central banks Friday not to withdraw their unconventional support for weak economies too soon.
IMF Managing Director Christine Lagarde said stimulative policies are still needed in key regions, especially Europe and Japan, which have struggled with prolonged weakness.
She is addressing the Federal Reserve’s annual conference in Jackson Hole, Wyo.
Lagarde said central banks must carefully develop strategies for scaling back their efforts to keep borrowing rates low. Any pullback should be determined by the strength of individual economies, she said.
Her comments come as the Fed is signalling that it could slow its bond purchases later this year if the U.S. economy continues to improve. The Fed’s bond buying has helped keep U.S. interest rates near record lows.
“Unconventional monetary policy is still needed in all places it is being used, albeit longer for some than for others,” Lagarde said in her speech to the conference…
IMF Managing Director Christine Lagarde said stimulative policies are still needed in key regions, especially Europe and Japan, which have struggled with prolonged weakness.
She is addressing the Federal Reserve’s annual conference in Jackson Hole, Wyo.
Lagarde said central banks must carefully develop strategies for scaling back their efforts to keep borrowing rates low. Any pullback should be determined by the strength of individual economies, she said.
Her comments come as the Fed is signalling that it could slow its bond purchases later this year if the U.S. economy continues to improve. The Fed’s bond buying has helped keep U.S. interest rates near record lows.
“Unconventional monetary policy is still needed in all places it is being used, albeit longer for some than for others,” Lagarde said in her speech to the conference…
Spotlight On Mortgages: August 23, 2013
– ratesupermarket.ca
Canadian High Rise Demand Hits New Low
There’s no denying it – a new high rate reality is upon us. This week brings about another fixed rate increase, as RBC hikes both their discounted and posted offerings between 20 and 30 basis points. This means the five-year fixed posted rate is now 5.34 per cent, and the discounted rate sits at 3.89. Canada’s biggest lender is joined by TD, which hiked the their special five-year posted rate to 3.79 and their posted to 5.14, and Laurentian Bank’s 20-point increase to its three, four and five-year offerings to 3.95, 4.74, and 5.34 per cent.
Last week, the CMHC indicated in the Q3 Housing Market Outlook that rates are foreseen to climb for at least two more years, as the market adjusts to recent restrictions made to lender mortgage funding. This was backed by members of our Mortgage Rate Outlook Panel, who indicated that higher rates are indeed on the horizon. “[Restricting] the amount of CMHC guarantees under the NHA MBS program will probably force through an increase in borrowing costs to the banks,” said Dr…
