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
The best GIC rates in Canada for 2025 + MORE Nov 10th
GIC comparison tool
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Gold, silver prices weaker, but look for traders to - Kitco NEWS + MORE Jan 31st
Gold, silver prices weaker, but look for traders to Kitco NEWSGold Prices Down Amid WHO's Comments on Virus Control, China Data Investing.comA bullish signal for Canada’s banks, the SNC-Lavalin rally isn’t over, and why gold is setting up for a fall The Globe and.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Oct 14th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Advertisement
Why trust us
MoneySense is an.... More »
Getting a new reading on Canada's Jekyll-and-Hyde economy: Don Pittis + MORE May 24th
As the Bank of Canada offers its update on the economy and Canada's biggest commercial banks release results, here are five reasons why some economists say Canada's economy has turned gloomy again..... More »
As Expected: Bank of Canada Maintains 1% Overnight Rate + MORE Dec 6th
In its last announcement for the year, the Bank of Canada revealed it is leaving its benchmark interest rate unchanged at one per cent. This comes after the Bank raised rates twice in 2017 – once by a quarter point in July and again by a quarter point in September.
None of the big five banks ha.... More »
Canada’s big banks have all cut their prime lending rates following the announcement that the central bank had lowered its benchmark interest rate to 0.5 per cent.
Greece seeks relief from lenders after austerity vote triggers rioting, political revolt
– canadianbusiness.com
ATHENS, Greece – Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, a day after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violence demonstrations in central Athens.
Finance ministers from countries using the euro currency will hold a conference call to consider rescue financing for Greece, while the European Central Bank will mull a request from Athens to increase emergency assistance to troubled Greek banks that have been closed since July 29.
In a post-midnight vote, Greece’s parliament voted 229-64 to implement more austerity measures that include pension cuts and sweeping sales tax hikes. But the large majority was provided by pro-European opposition parties and in spite of deepening dissent within Prime Minister Alexis Tsipras’ left-wing Syriza party.
Thirty-eight party lawmakers defied Tsipras — nearly in one-in-four — including Tsipras’ powerful energy minister, the speak of parliament, and Yanis Varoufakis, the former finance minister who headed Greece’s bailout strategy until his replacement 10 days ago…
Finance ministers from countries using the euro currency will hold a conference call to consider rescue financing for Greece, while the European Central Bank will mull a request from Athens to increase emergency assistance to troubled Greek banks that have been closed since July 29.
In a post-midnight vote, Greece’s parliament voted 229-64 to implement more austerity measures that include pension cuts and sweeping sales tax hikes. But the large majority was provided by pro-European opposition parties and in spite of deepening dissent within Prime Minister Alexis Tsipras’ left-wing Syriza party.
Thirty-eight party lawmakers defied Tsipras — nearly in one-in-four — including Tsipras’ powerful energy minister, the speak of parliament, and Yanis Varoufakis, the former finance minister who headed Greece’s bailout strategy until his replacement 10 days ago…
European Central Bank to get questions about Greece, but may not turn on credit tap just yet
– canadianbusiness.com
FRANKFURT – European Central Bank head Mario Draghi faces a blizzard of questions about Greece at his news conference Thursday.
His appearance follows a meeting at which, analysts say, the bank may hold off on restoring emergency credit to Greek banks despite the dire situation there.
Greece desperately needs the ECB to start letting Greek banks tap emergency central bank credit. They have been closed since June 29, more than two weeks ago, since the ECB’s governing council halted the credit flow due to concerns Greece’s banks would go broke and not pay the money back.
To start the money flowing again and get the banks open, the ECB would need a clear sign that the country has a chance at a rescue package that would keep it government and banks solvent. Greece and other eurozone countries have agreed to hold talks on what would be a bailout worth 82 billion-86 billion euros ($83 billion-$87 billion).
When that line is actually crossed, however, is very much a judgment call…
His appearance follows a meeting at which, analysts say, the bank may hold off on restoring emergency credit to Greek banks despite the dire situation there.
Greece desperately needs the ECB to start letting Greek banks tap emergency central bank credit. They have been closed since June 29, more than two weeks ago, since the ECB’s governing council halted the credit flow due to concerns Greece’s banks would go broke and not pay the money back.
To start the money flowing again and get the banks open, the ECB would need a clear sign that the country has a chance at a rescue package that would keep it government and banks solvent. Greece and other eurozone countries have agreed to hold talks on what would be a bailout worth 82 billion-86 billion euros ($83 billion-$87 billion).
When that line is actually crossed, however, is very much a judgment call…
How the Bank of Canada influences mortgage rates
– moneysense.ca
They said it. The dreaded R-word. And over the course of the last week, Canadian economists have not only used the dreaded recession word to describe our nation’s current economic climate, they’ve also predicted another interest rate cut in today’s Bank of Canada announcement. Yep. Apparently mortgage rates can go lower. (Mr. Turner: Your analysis is impeccable…but the current interest rate environment continues to confound even the sharpest tools in this shed.)
Still, the big question is what this rate cut means for home buyers, sellers and Canada’s housing market?
To help you grapple with this, I’ve put together a primer on how interest rate movements impact the real estate market. Keep in mind that we don’t borrow from the Bank of Canada directly…banks do. That means you probably won’t see an immediate impact to your mortgage payments and mortgage rates. But it’s coming. Here’s what you need to know.
When interest rates rise
Typically, as interest rates rise the real estate market will cool…
Bank of Canada rate cuts and its impact on mortgage rates
– moneysense.ca
Bank of Canada rate cuts and its impact on mortgage rates (mstay/Getty Images)For home buyers and sellers it could be considered Christmas in July. The Bank of Canada rate cut today already prompted one bank to cut its lending rate and others are expected to follow.
But is this good news? Well it depends where you are in the real estate cycle.
Buying a home
If you’re in the market to buy a home, today is just another day. Sorry. It’s just not Christmas in July. Why, you ask? Because the BoC’s rate cut won’t translate into any new significant savings. Both fixed and variable rates are already at historically low levels and any cut the banks will offer will be minimal, at best.
But the rate cut is still good news. It means that your cost to buy that home continues to be extremely low and will remain low for the next few months, at least. What’s even crazier is the possibility that rates could actually drop again this year. “Economists believe there’s more than a 70% chance of another rate cut in September,” says Robert McLister of RateSpy…
