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?
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The best student credit cards in Canada for 2023 Sep 13th
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The best student credit cards in Canada for 2023
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Best online banks and credit unions in Canada for 2025 Mar 6th
Where can you get the best digital banking experience in Canada? We wanted to find out in this second annual review of the best online banks and credit unions in Canada.
To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing.... More »
The best TD credit cards in Canada 2020 + MORE Aug 21st
Formed through a merger between financial giants Bank of Toronto and The Dominion Bank in 1955, TD is one of Canada’s most storied big five banks. It offers a wide array of financial services including an impressive portfolio of more than two dozen credit cards. We break down the best TD credit ca.... More »
Borrowell Review: Online Low-Cost Debt Consolidation Loans + MORE Nov 23rd
In recent years, many Canadians have become increasingly disillusioned with banks. Many Canadians are hoping to get a consolidation loan for their debt, but it’s difficult to convince a bank to provide an unsecured loan for an amount that provides them relief. Companies like Borrowell are shak.... More »
As Canada’s first oilsands mine nears 50 year mark, site a contrast of old, new Jun 23rd
Nearly 50 years after the opening of Canada’s first major oilsands mine, the site on the banks of Alberta’s Athabasca River is an epicentre of energy, teeming with bustling workers amid signs of its pioneering past and cutting-edge future.
One of the mine’s upgraders _ opened in Se.... More »
Can I Still Get a “Zero Down” Mortgage with a Credit Union?
– ratesupermarket.ca
In the aftermath of the “Great Recession” when the U.S. housing market imploded, sending the global economy into a tailspin, Canada’s financial institutions were resoundingly praised for their stability and sound lending practices. Still, our country’s financial leaders recognized that there were some risks inherent in the system, and mortgage regulations were introduced to tighten any loopholes.
One notable series of changes, introduced by the Office of the Superintendant of Financial Institutions revolved around residential mortgages, including efforts to stop banks from offering “cash back” or “zero down payment” mortgages. As of 2008, buyers have been required to make a minimum 5 per cent down payment on their home purchase when taking out a mortgage with a federally-regulated lender.
But since credit unions are regulated provincially, they don’t fall under OSFI rules, and are able to offer many mortgage options that the banks increasingly can not, meaning the zero per cent down mortgage does, technically, still exist…
Can I Still Get a “Zero Down” Mortgage with a Credit Union?
– ratesupermarket.ca
In the aftermath of the “Great Recession” when the U.S. housing market imploded, sending the global economy into a tailspin, Canada’s financial institutions were resoundingly praised for their stability and sound lending practices. Still, our country’s financial leaders recognized that there were some risks inherent in the system, and mortgage regulations were introduced to tighten any loopholes.
One notable series of changes, introduced by the Office of the Superintendant of Financial Institutions revolved around residential mortgages, including efforts to stop banks from offering “cash back” or “zero down payment” mortgages. As of 2008, buyers have been required to make a minimum 5 per cent down payment on their home purchase when taking out a mortgage with a federally-regulated lender.
But since credit unions are regulated provincially, they don’t fall under OSFI rules, and are able to offer many mortgage options that the banks increasingly can not, meaning the zero per cent down mortgage does, technically, still exist…
