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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Tips for getting a new mortgage
– moneysense.ca
Q: My partner and I want to move closer to family and this would require moving to another province. We’re fairly certain that we can find full-time employment in our new city but we’re a little worried that mortgage lenders won’t look favorably at us as borrowers. We have equity in the home we want to sell. Is there anything we can do to better our chances of getting a mortgage after recently changing employers? — Jumping ship, Regina, Sask.
Answer 1: It depends on what you are willing to pay for your new mortgage. Traditionally lenders and banks want to see someone employed—whether it is full-time, part-time, self-employment or even generating pension/retirement income. You don’t mention quite how much equity you have in your current house, so it’s difficult for me to assess your situation further.
I can tell you that the track record you have in one province would not hold much weight in another, not these days. And even if you do find employment, you’ll be on probation, and many lenders will absolutely not review a mortgage application when you’re still on employment probation…
Canada is headed for a rocky year as low oil prices continue to drag on economic performance, the chief economists of some of Canada’s biggest banks said Tuesday.
Rocky year ahead for Canadian economy
– moneysense.ca
TORONTO – The chief economists of some of Canada’s biggest banks say the country is headed for a rocky year as low oil prices continue to drag on economic performance.
Bank of Montreal chief economist Douglas Porter told a morning gathering of leading economists today that it’s going to be a “very close call” whether the fourth quarter of 2015 saw any economic growth.
Canada’s resource sector has been slammed as the price of crude has fallen from a high above $105 in June 2014 to below $40 over the past few months, just as other commodities are at or near multi-year lows.
Will Trudeau’s tax hike on rich help the economy? »
Speaking at an event hosted by the Economic Club of Canada, Porter said it looks like last year was one of the worst years for economic growth in decades outside of a full-on recession, and Canada is looking at a 2016 growth rate not much higher than last 2015.
He says the loonie, which has plunged as the price of oil has declined, also has further to fall…
Bank of Montreal chief economist Douglas Porter told a morning gathering of leading economists today that it’s going to be a “very close call” whether the fourth quarter of 2015 saw any economic growth.
Canada’s resource sector has been slammed as the price of crude has fallen from a high above $105 in June 2014 to below $40 over the past few months, just as other commodities are at or near multi-year lows.
Will Trudeau’s tax hike on rich help the economy? »
Speaking at an event hosted by the Economic Club of Canada, Porter said it looks like last year was one of the worst years for economic growth in decades outside of a full-on recession, and Canada is looking at a 2016 growth rate not much higher than last 2015.
He says the loonie, which has plunged as the price of oil has declined, also has further to fall…
