Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Canadian bank earnings forecast bright but housing, NAFTA cloud outlook + MORE Feb 20th
The forecast for Canada's biggest banks is bright thanks to U.S. tax reform and higher interest rates, but as they report first-quarter results this week, domestic mortgage demand and the North American Free Trade Agreement could cloud the long-term outlook, analysts say..... More »
Is an all-weather portfolio the answer to the shortage of “safe” investments? Jan 25th
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »
South Korea inspects six banks over virtual currency services to clients Jan 8th
The inspection will check if banks are adhering to anti-money laundering rules and using real names for accounts
.... More »
Zika reports blamed for business downturn in Miami’s Wynwood Aug 9th
MIAMI – Business has plummeted in Miami’s Wynwood arts district since Zika infections were reported there, according to gallery and restaurant owners who want government officials to speed up their response and help offset their losses.
At an emergency meeting Monday, the Wynwood Busines.... More »
Planning a Trip or Cruise? Best Travel Tips for More Money May 22nd
Want to save money on your cruise? Want to know how to save big on your next vacation? If you’re spending cash-only for your cruise, hotel and rental car, you might be missing out. There are lots of travel tips and cash reward perks you can take advantage of to stretch your dollars fur.... More »
Banks unite to donate $1M to help support Syrian refugees arriving in Canada
– canadianbusiness.com
TORONTO – Canada’s five biggest banks say they’ll collectively donate $1 million to the Canadian Red Cross to support Syrian refugees arriving in Canada.
BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank and TD Bank Group say customers can also make donations to the Canadian Red Cross at their local branch, effective Thursday.
In last week’s throne speech, the new Liberal government promised to bring 25,000 Syrian refugees to Canada by the end of February 2016 and about 10,000 privately sponsored refugees are likely to be in Canada by year’s end.
Canadian Red Cross president Conrad Sauve says more than four million Syrians have been displaced as a result of internal conflict.
Sauve says the donation will help refugees begin their transition into new communities and provide essential services and basic needs assistance in the form of clothing, personal care products, food, and family reunification.
In September, Canada’s five largest banks donated a total of $1 million to the Canadian Red Cross for essential relief items and first aid to help with the Syrian refugee crisis in Europe…
BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank and TD Bank Group say customers can also make donations to the Canadian Red Cross at their local branch, effective Thursday.
In last week’s throne speech, the new Liberal government promised to bring 25,000 Syrian refugees to Canada by the end of February 2016 and about 10,000 privately sponsored refugees are likely to be in Canada by year’s end.
Canadian Red Cross president Conrad Sauve says more than four million Syrians have been displaced as a result of internal conflict.
Sauve says the donation will help refugees begin their transition into new communities and provide essential services and basic needs assistance in the form of clothing, personal care products, food, and family reunification.
In September, Canada’s five largest banks donated a total of $1 million to the Canadian Red Cross for essential relief items and first aid to help with the Syrian refugee crisis in Europe…
Mortgage rates are rising
– moneysense.ca
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker…
