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
12 top personal finance books to read this summer Jun 11th
For obvious reasons, a lot of personal finance and retirement books come my way and, from time to time, we’ve dedicated a particular edition of this column to a single book. This one looks at a dozen noteworthy books I’ve read lately, or plan to—most of them published in the last few years.
If.... More »
Will Canadian HISA ETFs survive the new rule change? Dec 5th
The growth of high-interest savings account (HISA) exchange-traded funds (ETFs) is the story of Canada’s ETF industry in 2023. Money market funds, including HISA ETFs, hoovered up $9.7 billion of investors’ money in the first 10 months of the year, representing 29.1% of the net inflow into Canad.... More »
Watchdog to probe how banks handle complaints + MORE Nov 22nd
The Financial Consumer Agency of Canada has got the green light to probe how banking customer complaints are handled internally and by external complaint bodies..... More »
How the Dow Jones industrial average fared on Friday + MORE Dec 3rd
Investors made a small move back to safer assets Friday afternoon after the government’s November jobs report showed continued hiring, but weak wages. Stocks finished little changed as real estate and household goods companies rose, but banks, which have soared since the presidential election,.... More »
Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit Jan 18th
Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order..... More »
Debit Fraud Drops Drastically in Canada
– ratesupermarket.ca
Last year, I wrote a blog post about debit fraud: A $38.5-Million Problem. The good news is that the figure has dropped to $16.2 million in 2014. The bad news; you always have to be wary of scammers, electronic pickpockets, and other crooks looking to steal your money.
Technical Advances
The Interac Association attributes much of that drop to the almost-complete rollout of “chip and pin” technology – debit and credit cards with an embedded memory chip that require the user to enter a personal identification number (PIN).
Since their introduction to Canada in 2009, virtually every Canadian debit card has been switched over to chip and pin (from the lower-tech cards where the user signed for all purchases). By the end of 2015, all point-of-sale debit card readers in the country will be chip and pin-enabled as well.
Another way the industry keeps fraud rates down, while still enabling easy-to-use tap payment options (such as PayPass), is to maximize individual transactions at $100 and a daily cap of $200 before entering a PIN is required…
Detached Homes Price Tops $1 Million in Toronto
– ratesupermarket.ca
What can you get with $1 million these days? Well, in Toronto that might net you a single family home. Last week the Toronto Real Estate Board announced the average detached homes price hit $1,040,018 in February.
When I was a kid living in a million-dollar house meant something.
You were rich.
You probably had a mansion.
You took luxury vacations and drove fancy cars.
Now it seems there’s a Millionaires Row in most neighbourhoods across Toronto. But residents of these homes are dealing with record amounts of debt. Many might take the bus to work. And nobody is going on a luxury holiday.
If you say you’re house is a worth a cool seven figures, I’m not impressed anymore.
Interest Rates Driving Pricey Real Estate
It’s no surprise that after the Bank of Canada cut the overnight lending rate, borrowing got cheaper. Banks followed by slashing prime to 2.85 per cent, allowing Canadians to get into more debt for less. With Toronto less affected by the slide in oil prices, residents are feeling good about the future…
Detached Homes Price Tops $1 Million in Toronto
– ratesupermarket.ca
What can you get with $1 million these days? Well, in Toronto that might net you a single family home. Last week the Toronto Real Estate Board announced the average detached homes price hit $1,040,018 in February.
When I was a kid living in a million-dollar house meant something.
You were rich.
You probably had a mansion.
You took luxury vacations and drove fancy cars.
Now it seems there’s a Millionaires Row in most neighbourhoods across Toronto. But residents of these homes are dealing with record amounts of debt. Many might take the bus to work. And nobody is going on a luxury holiday.
If you say you’re house is a worth a cool seven figures, I’m not impressed anymore.
Interest Rates Driving Pricey Real Estate
It’s no surprise that after the Bank of Canada cut the overnight lending rate, borrowing got cheaper. Banks followed by slashing prime to 2.85 per cent, allowing Canadians to get into more debt for less. With Toronto less affected by the slide in oil prices, residents are feeling good about the future…
