How much income do I need to qualify for a mortgage in Canada? + MORE Jun 19th

The “Big Five” Canadian banks offer investment funds and 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). Let’s explore the best place for you to invest.
Latest News

Apple rejected Meta’s proposal to use Llama AI for iPhones over security concerns - Firstpost Jun 25th

Apple rejected Meta’s proposal to use Llama AI for iPhones over security concerns  FirstpostWill Meta Help Power Apple Intelligence? Meta Stock Gains After Report  Investor's Business DailyExclusive | Apple, Meta Have Discussed an AI Partnership  The Wall Street Journ.... More »

The best GIC rates in Canada for 2024 Jun 25th

Investing The best GIC rates in Canada Find the best GIC rates in Canada. Plus, everything you need to know about how they work. Compare highest rates Why trust us MoneySense is an award-winning.... More »
 mutual funds

Buying your first stocks in Canada Jun 21st

Where should you start if you’re a newcomer to Canada who wants to invest? This article provides an overview of the Canadian investing landscape, from investment types and financial markets to investment advisors, online brokers and robo-advisors. Types of investing accounts In Canada, there.... More »

6 things to consider before borrowing from the Bank of Mom and Dad for your first home Jul 10th

As homes remain unaffordable to many Canadians, more and more young adults are turning to the Bank of Mom and Dad to help with a down payment or with mortgage payments. A recent CIBC survey showed that 31% of first-time home buyers in Canada received financial help from their parents or a relative, .... More »
 assets

“A way to leapfrog”: AWS executive says regulated industries moving fastest on AI + MORE Jul 5th

As a wave of companies rush to embed artificial intelligence into their operations, Matt Wood has noticed the technology’s fastest adopters are businesses more typically described as slow to change. Matt Wood, Amazon Web Services global VP of AI products (The Canadian Press / HO-Amazon Web Serv.... More »

Investing

The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.

Compare now

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

By Keph Senett and Justin Dallaire on June 19, 2024Estimated reading time: 22 minutes

Here you’ll find the answers to common GIC questions, along with information on the best GIC rates available right now. If GICs are new to you, and you want to learn everything there is to know, start by reading our guide below…

Continue Reading On moneysense.ca »

A new place for investors to hold cash and earn high interest: EQ Bank’s Notice Savings AccountCanadian investors hold cash in their portfolios for several reasons: It’s a safe way to cushion against market volatility. It provides easy access to funds in case of an emergency or unexpected expense. And it means you’ll have liquid assets in case of a market downturn—or the arrival of a compelling investment opportunity.

Until now, though, options for holding and growing cash in Canada have been limited to high-interest savings accounts (HISAs), guaranteed investment certificates (GICs) and money market funds (MMFs). So, the arrival of an accessible notice savings account (NSA) is great news for those seeking an alternative. (Note: The EQ Bank Notice Savings Account is not yet available in Quebec.)

Read on to learn all about EQ Bank’s brand-new Notice Savings Account, which offers 4.50% or 5.00% interest, depending on which option you choose. See why it’s a great option for short-term and medium-term savings goals. 

sponsoredEQ Bank Notice Savings Accountgo to site

Monthly fee: $0

Interest rates: 4…

Continue Reading On moneysense.ca »

The Bank of Canada made a long-awaited rate cut on June 5, but the effects of lower mortgage rates have yet to trickle down into housing market data. That was evident in May, as real estate affordability continued to worsen for would-be home buyers.

The latest monthly affordability report from Ratehub.ca, which calculates the minimum income required to qualify for a mortgage for the average-priced home in Canada’s major markets, found the measure increased in 11 of the 13 cities studied. (Ratehub and MoneySense are both owned by Ratehub Inc.)  

The report analyzes regional real estate data, as well as mortgage and stress test rates, to see how affordability is changing in real time. In May, the average five-year fixed mortgage rate was 5.49%, resulting in a mortgage stress test rate of 7.49%. (The mortgage stress test requires borrowers to prove they can afford a mortgage at a rate 2% higher than the one they get from their lender.)

May’s decline in affordability was due to a combination of stagnant interest rates—which were little changed from April—and a short-term uptick in home prices in most Canadian cities…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!