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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TORONTO – Finance Minister Joe Oliver says he will keep a close eye on the Canadian housing market after the Bank of Montreal pulled back a key mortgage rate to levels that had left his predecessor feeling uneasy.
“Our government has taken action in the past to reduce consumer indebtedness and the government’s exposure to the housing market,” Oliver said in an emailed statement on Thursday.
“I will continue to monitor the market closely.”
Bank of Montreal (TSX:BMO) moved late Wednesday to lower its five-year fixed-rate mortgage to 2.99 per cent, down from 3.49 per cent.
It’s the first big bank to lower the key rate beneath three per cent, a level that caused then-finance minister Jim Flaherty to publicly chide BMO in March 2013, saying that he disapproved of the rate and discouraged other big banks from following its lead.
At the time Flaherty said he believed in “responsible lending,” and that he was concerned such low rates would work against his attempts to slow the momentum in the housing market…
“Our government has taken action in the past to reduce consumer indebtedness and the government’s exposure to the housing market,” Oliver said in an emailed statement on Thursday.
“I will continue to monitor the market closely.”
Bank of Montreal (TSX:BMO) moved late Wednesday to lower its five-year fixed-rate mortgage to 2.99 per cent, down from 3.49 per cent.
It’s the first big bank to lower the key rate beneath three per cent, a level that caused then-finance minister Jim Flaherty to publicly chide BMO in March 2013, saying that he disapproved of the rate and discouraged other big banks from following its lead.
At the time Flaherty said he believed in “responsible lending,” and that he was concerned such low rates would work against his attempts to slow the momentum in the housing market…
Banks Might Not Get Scolded on Mortgage-Rate Cuts this Time
– blogs.wsj.com
Canada’s big banks are pushing mortgage rates lower again, but Finance Minister Joe Oliver has not responded strongly. He has some reasons for staying on the sidelines.
Russia’s President Vladimir Putin said Thursday that Russia will set up its own payment system to rival Visa and MasterCard after the companies pulled their services from several banks in the wake of the sanctions imposed on the country.
