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
Is probate an inevitable cost for a surviving spouse? Feb 12th
Q. My husband and I have lived in our principal residence for 40 years. The house is held solely in his name, and I am the beneficiary of his will. Would the house have to be included in probate of his estate, should he predecease me?
–Sandra
A. Your seemingly simple question has a historic twist.... More »
Millions in suspected Russian crime proceeds flowed through Canadian banks, companies May 10th
A powerful Russian crime syndicate that’s accused of laundering hundreds of millions of dollars around the world appears to have also flowed millions through nearly 30 Canadian bank accounts..... More »
Business New Year’s Resolutions: Unlock bold new sources of capital Dec 29th
(Illustration by Katie Carey)
This article is part of our series on New Year’s Resolutions for Small Business. Read them all here.
Securing capital from traditional sources such as banks can be tricky for small businesses, especially if a company doesn’t have a long earnings history or sufficie.... More »
Do You Need Loan Insurance? May 28th
Managing debt can be a challenge. Sometimes that challenge is driven by circumstances out of your control. Critical illness or disability can put a huge strain on your finances, making it hard to pay off a credit line or loan.
Those times of distress are what loan insurance is designed for. .... More »
What Are Credit Card Grey Charges? + MORE Sep 30th
A few months ago, I signed up for a free one-month trial of Netflix. I decided later that I would cancel it at the end of the month because I barely used it. But then I got busy and completely forgot about it – or I did until I saw the charge on my credit card for the next month.
$7.99 isn’.... 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…
