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
Critics question settlement program for banks that overcharged fees Oct 19th
As investors await refunds from banks and other financial institutions for hundreds of millions of dollars in excess fees, critics are questioning the process used to determine those refunds..... More »
Markets Right Now: US stocks move higher, led by banks + MORE Oct 14th
NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):
11:45 a.m.
Financial stocks are leading Wall Street higher after several major banks reported solid profits.
Citigroup rose half a per cent Friday after its results beat analysts’ forecasts.
Techno.... More »
The Fed's Obama-Era Hangover Jan 2nd
By paying banks not to lend, the central bank diminished its ability to control interest rates..... More »
So You Overspent During the Holidays… Now What? + MORE Jan 7th
From buying gifts to entertaining to taking advantage of Boxing Day sales, there are a lot of opportunities to spend more than you budgeted for over the holidays. That means that many people are starting off 2016 with a holiday hangover in the form of credit card debt.
Click here for the best low i.... More »
The Best Store Credit Cards of 2019 Dec 12th
We all have that favourite superstore – the one that sells everything under the sun, from car batteries and patio furniture to sports drinks and baby clothing.
And while we may spend hundreds or even thousands of dollars at these stores per year, it’s time to consider how you can get a return o.... More »
Canada’s big banks have all cut their prime lending rates following the announcement that the central bank had lowered its benchmark interest rate to 0.5 per cent.
Greece seeks relief from lenders after austerity vote triggers rioting, political revolt
– canadianbusiness.com
ATHENS, Greece – Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, a day after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violence demonstrations in central Athens.
Finance ministers from countries using the euro currency will hold a conference call to consider rescue financing for Greece, while the European Central Bank will mull a request from Athens to increase emergency assistance to troubled Greek banks that have been closed since July 29.
In a post-midnight vote, Greece’s parliament voted 229-64 to implement more austerity measures that include pension cuts and sweeping sales tax hikes. But the large majority was provided by pro-European opposition parties and in spite of deepening dissent within Prime Minister Alexis Tsipras’ left-wing Syriza party.
Thirty-eight party lawmakers defied Tsipras — nearly in one-in-four — including Tsipras’ powerful energy minister, the speak of parliament, and Yanis Varoufakis, the former finance minister who headed Greece’s bailout strategy until his replacement 10 days ago…
Finance ministers from countries using the euro currency will hold a conference call to consider rescue financing for Greece, while the European Central Bank will mull a request from Athens to increase emergency assistance to troubled Greek banks that have been closed since July 29.
In a post-midnight vote, Greece’s parliament voted 229-64 to implement more austerity measures that include pension cuts and sweeping sales tax hikes. But the large majority was provided by pro-European opposition parties and in spite of deepening dissent within Prime Minister Alexis Tsipras’ left-wing Syriza party.
Thirty-eight party lawmakers defied Tsipras — nearly in one-in-four — including Tsipras’ powerful energy minister, the speak of parliament, and Yanis Varoufakis, the former finance minister who headed Greece’s bailout strategy until his replacement 10 days ago…
European Central Bank to get questions about Greece, but may not turn on credit tap just yet
– canadianbusiness.com
FRANKFURT – European Central Bank head Mario Draghi faces a blizzard of questions about Greece at his news conference Thursday.
His appearance follows a meeting at which, analysts say, the bank may hold off on restoring emergency credit to Greek banks despite the dire situation there.
Greece desperately needs the ECB to start letting Greek banks tap emergency central bank credit. They have been closed since June 29, more than two weeks ago, since the ECB’s governing council halted the credit flow due to concerns Greece’s banks would go broke and not pay the money back.
To start the money flowing again and get the banks open, the ECB would need a clear sign that the country has a chance at a rescue package that would keep it government and banks solvent. Greece and other eurozone countries have agreed to hold talks on what would be a bailout worth 82 billion-86 billion euros ($83 billion-$87 billion).
When that line is actually crossed, however, is very much a judgment call…
His appearance follows a meeting at which, analysts say, the bank may hold off on restoring emergency credit to Greek banks despite the dire situation there.
Greece desperately needs the ECB to start letting Greek banks tap emergency central bank credit. They have been closed since June 29, more than two weeks ago, since the ECB’s governing council halted the credit flow due to concerns Greece’s banks would go broke and not pay the money back.
To start the money flowing again and get the banks open, the ECB would need a clear sign that the country has a chance at a rescue package that would keep it government and banks solvent. Greece and other eurozone countries have agreed to hold talks on what would be a bailout worth 82 billion-86 billion euros ($83 billion-$87 billion).
When that line is actually crossed, however, is very much a judgment call…
How the Bank of Canada influences mortgage rates
– moneysense.ca
They said it. The dreaded R-word. And over the course of the last week, Canadian economists have not only used the dreaded recession word to describe our nation’s current economic climate, they’ve also predicted another interest rate cut in today’s Bank of Canada announcement. Yep. Apparently mortgage rates can go lower. (Mr. Turner: Your analysis is impeccable…but the current interest rate environment continues to confound even the sharpest tools in this shed.)
Still, the big question is what this rate cut means for home buyers, sellers and Canada’s housing market?
To help you grapple with this, I’ve put together a primer on how interest rate movements impact the real estate market. Keep in mind that we don’t borrow from the Bank of Canada directly…banks do. That means you probably won’t see an immediate impact to your mortgage payments and mortgage rates. But it’s coming. Here’s what you need to know.
When interest rates rise
Typically, as interest rates rise the real estate market will cool…
Bank of Canada rate cuts and its impact on mortgage rates
– moneysense.ca
Bank of Canada rate cuts and its impact on mortgage rates (mstay/Getty Images)For home buyers and sellers it could be considered Christmas in July. The Bank of Canada rate cut today already prompted one bank to cut its lending rate and others are expected to follow.
But is this good news? Well it depends where you are in the real estate cycle.
Buying a home
If you’re in the market to buy a home, today is just another day. Sorry. It’s just not Christmas in July. Why, you ask? Because the BoC’s rate cut won’t translate into any new significant savings. Both fixed and variable rates are already at historically low levels and any cut the banks will offer will be minimal, at best.
But the rate cut is still good news. It means that your cost to buy that home continues to be extremely low and will remain low for the next few months, at least. What’s even crazier is the possibility that rates could actually drop again this year. “Economists believe there’s more than a 70% chance of another rate cut in September,” says Robert McLister of RateSpy…
