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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CBC.caInterest rates have finally increased: How that could affect your loansCBC.caAfter seven years of leaving its key interest steady or cutting it to near-historic lows, the Bank of Canada has finally increased its overnight rate by 0.25 percentage points to 0.75 per cent. The overnight rate determines the rate at which banks lend …Bank of Canada raises interest rates for first time in 7 yearsThe Globe and MailBank of Canada announces first interest rate increase since 2010CTV NewsWhy a Bank of Canada rate hike today would be felt around the worldFinancial PostMacleans.ca -London Free Press -Globalnews.ca -BNNall 225 news articles »
CBC.caInterest rates have finally increased: How that could affect your loansCBC.caAfter seven years of leaving its key interest steady or cutting it to near-historic lows, the Bank of Canada has finally increased its overnight rate by 0.25 percentage points to 0.75 per cent. The overnight rate determines the rate at which banks lend …Bank of Canada raises interest rates for first time in 7 yearsThe Globe and MailBank of Canada announces first interest rate increase since 2010CTV NewsWhy a Bank of Canada rate hike today would be felt around the worldFinancial PostMacleans.ca -London Free Press -Globalnews.ca -BNNall 225 news articles »
Bank of Canada expected to raise its key rate for first time in nearly seven years
– canadianbusiness.com
The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in oil prices.
Low interest rates have helped fuel the housing market in recent years, incentivizing Canadians to pile on record levels of debt _ something that the central bank has noted as a significant risk for the economy.
Rates for new fixed-rate mortgages have already started to rise in anticipation. A hike by the Bank of Canada will likely prompt the country’s big banks to raise their prime rates, a move that will increase the cost of loans such as variable rate mortgages and home equity lines of credit.
James Laird, co-founder of interest rate comparison website RateHub, said the carefully crafted language the Bank of Canada uses Wednesday will be key in reading the tea leaves of future rate decisions.
“Any additional comments for future increases will be the real trigger for more fixed rate increases following the announcement, rather than the rate change itself,” Laird said…
Low interest rates have helped fuel the housing market in recent years, incentivizing Canadians to pile on record levels of debt _ something that the central bank has noted as a significant risk for the economy.
Rates for new fixed-rate mortgages have already started to rise in anticipation. A hike by the Bank of Canada will likely prompt the country’s big banks to raise their prime rates, a move that will increase the cost of loans such as variable rate mortgages and home equity lines of credit.
James Laird, co-founder of interest rate comparison website RateHub, said the carefully crafted language the Bank of Canada uses Wednesday will be key in reading the tea leaves of future rate decisions.
“Any additional comments for future increases will be the real trigger for more fixed rate increases following the announcement, rather than the rate change itself,” Laird said…
