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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Wise Review (formerly TransferWise): A Better Way to Conduct Foreign Exchange? May 14th
The high fees and bloated exchange rates incurred when sending and receiving foreign currency can be a bitter pill to swallow. This is especially true for anyone who has to send international money transfers regularly.
Much of the problem lies in the exchange rates offered by banks, which are priced.... More »
Making sense of the markets this week: August 3 Aug 1st
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Gold outshines itself
Gold stole the headlines this week. That can happen when an infamous asset takes out its previous all-time highs.
Last Sunday, gold made another push a.... More »
From banking to booze: Ontario gets its first ombudsman for beer Dec 23rd
TORONTO _ A former ombudsman at one of Canada’s big banks has been tapped to investigate complaints of a far more frothy nature: beer.
The Beer Store has appointed Charles Dougall as Ontario’s first beer ombudsman.
The foreign-owned consortium, which operates more than 470 retail outlets.... More »
When banks lose your money and pot prices: CBC's Marketplace consumer cheat sheet Feb 11th
Miss something this week? Don't panic. CBC's Marketplace rounds up the consumer and health news you need..... 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 »
This mortgage loophole puts us at risk
– moneysense.ca
If the Canadian housing market were to crash it would be catastrophic. At least, that’s the synopsis of the latest Moody’s Investors Service report.
According to their analysis the six big banks would lose nearly $12 billion while CMHC and other mortgage insurers would be on the hook for as much as $6 billion, but only if Canada were to experience a U.S.-style housing crisis where home values were to fall by as much as 35%.
Apparently, the report was a stress-test: a number-crunching exercise to reveal the worst-case scenario; situations that might occur, like a sharp increase in interest rates or massive job layoffs. But one Toronto mortgage broker is far less concerned about less than probable extreme market corrections.
The five-year fixed loophole
Based out of Toronto, Calum Ross works with high net worth clients as a dually licensed wealth advisor (with his MBA) and as an independent mortgage broker. Over the years, Ross has grown more and more concerned with mortgage qualification rules and how loopholes could contribute to over-leveraged homeowners and a potentially catastrophic future fall-out…
According to their analysis the six big banks would lose nearly $12 billion while CMHC and other mortgage insurers would be on the hook for as much as $6 billion, but only if Canada were to experience a U.S.-style housing crisis where home values were to fall by as much as 35%.
Apparently, the report was a stress-test: a number-crunching exercise to reveal the worst-case scenario; situations that might occur, like a sharp increase in interest rates or massive job layoffs. But one Toronto mortgage broker is far less concerned about less than probable extreme market corrections.
The five-year fixed loophole
Based out of Toronto, Calum Ross works with high net worth clients as a dually licensed wealth advisor (with his MBA) and as an independent mortgage broker. Over the years, Ross has grown more and more concerned with mortgage qualification rules and how loopholes could contribute to over-leveraged homeowners and a potentially catastrophic future fall-out…