Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
What is a consumer proposal? How does it work? + MORE May 23rd
Getting trapped in a perpetual cycle of debt with seemingly no way out is one of the most stressful situations life can throw at you. For anyone looking for a way forward, experts say a consumer proposal can break the chain without the need for a bankruptcy filing.
While everyone’s debt toleran.... More »
The close: TSX rises with energy stocks, banks Nov 25th
Tech leads S&P above 2,600; Amazon, other retail stocks gain
.... More »
Refinancing your mortgage? Here’s why a professional home appraisal is step one Mar 27th
Before you refinance your mortgage, it’s important to know your home’s true value. A professional home appraisal gives you an accurate picture of the value of your property, helping you make smarter financial decisions from lowering your monthly payments to accessing equity to evaluating your re.... More »
What You Need to Know About the Canadian Mortgage Stress Test Nov 5th
In late 2017, OSFI, the agency that supervises and regulates Canada’s banks, unveiled a new mortgage stress test, designed to protect Canadian borrowers from increasing debt burdens, and the prospect of rising interest rates. It also served to cool off a couple of Canada’s most expensive housing.... More »
GICs have a hidden commission Mar 31st
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Q. After buying two GICs, I received a statement showing $575 in commissions paid to my broker by a third party. I thought GICs were free of commissions. Any light you could shed on these fees would be greatly appreciated.
— Tom
A. There are few universal truths in investing, Tom, but.... More »
New mortgage rules to steer consumers to big banks
– moneysense.ca
Are you thinking about going to one of the smaller non-bank lenders for your next mortgage? If your property is worth more than $1 million you may be out of luck.That’s just one of the conditions consumers shopping for a mortgage will now need to consider as the latest round of federal mortgage rules take hold. Under the new rules non-bank lenders will likely have to turn away sizeable portion of mortgage seekers, leaving the big banks as their only option. For consumers it will mean less choice and higher rates on their next mortgage.
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The new regulations, which kicked in on Nov. 30, impose stricter limitations on the types of mortgages that will qualify for mortgage insurance. In the past these tighter rules targeted risker, high-ratio mortgages, but the government is extending some of these same rules to less risky low-ratio loans…
