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.
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Here’s a round-up of news for Canadian investors this week.
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Making sense of the markets this week: April 23, 2023 + MORE Apr 21st
All about Canadian investments. Learn the ins and outs and get the latest news.
Making sense of the markets this week: April 23, 2023 - moneysense.caThis week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
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The Canadian mortgage stress test, explained
– moneysense.ca
The Canadian mortgage stress test applies to anyone applying for a mortgage, refinancing their current home loan, or renegotiating the terms of their mortgage contract with a federally regulated lender. And while provincially regulated lenders have more flexibility when it comes to mortgage approvals, many still use the test to evaluate customers’ financial risk. This means that most home buyers in Canada are subjected to the stress test.
“It applies to everyone—you, me, first-time buyers and 10-time buyers,” says Maxine Crawford, a mortgage broker who serves the Greater Toronto Area (GTA) and elsewhere in Ontario. “That includes people who already own a home and need to refinance or renew their mortgage [with a different lender.]”
In spite of its broad application, many Canadians have never heard of the stress test or still don’t understand how it works. Here’s what you should know before you apply for your next home loan.
What is the mortgage stress test?
First off, it’s not a test like the kind you encounter in school…
