Bank of Canada raises key interest rate to 1.25% + MORE Jan 17th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it! + MORE Sep 28th

Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone! I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every tim.... More »

Average cost to rent condo in GTA hits $2,206, up by $214 in past year + MORE Apr 12th

The average cost to rent a condominium in the Greater Toronto Area has risen by almost 11 per cent in the past year, partly because tougher mortgage rules have shut out new buyers and flooded the market with renters, a new report by research firm Urbanation says..... More »

Broker Lender Market Share – Q1 2018 Jun 11th

Credit unions saw their slice of the broker pie shrink in Q1. That comes despite OSFI’s January 1 stress test, which played right into their hands given they are provincially regulated. Broker market share for CUs fell 0.6% versus Q1 2017. Less competitive pricing was a key reason. In particul.... More »
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Mortgage risks fading thanks to higher rates, tougher rules, says Bank of Canada report Nov 15th

The lofty levels of household debt has been a key concern for the Bank of Canada as it gradually raises its trend-setting interest rate, which it has already hiked five times since the summer of 2017..... More »

Big Bank Mortgage Rates Rising: What it Means for You May 3rd

Four of Canada’s Big Six banks have now raised their posted mortgage rates since last week, sparking concern by homebuyers and existing homeowners about the implications. TD kicked off this round of rate increases last week by raising its various mortgage terms, including an astounding 45-bps .... More »
TORONTO — Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…

Continue Reading On moneysense.ca »

Everyone’s mortgage is about to get more expensiveBank of Canada Governor Stephen Poloz listens to a question as he holds a new conference at the National Press Theatre in Ottawa on Wednesday, April 13, 2016. THE CANADIAN PRESS/Sean Kilpatrick
The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in payments.
Even before Wednesday’s decision, five of the country’s largest banks hiked five-year fixed rates 15 basis points to 5.14 per cent last week. (CIBC is still offering 4.99 per cent.) In a country where consumers have grown accustomed to low rates, and where households are burdened with record levels of debt relative to income, this kind of change is worth noting. A recent survey published by insolvency trustee MNP Ltd. found 48 per cent of Canadian respondents were $200 or less away from being unable to fulfill their monthly financial obligations, an eight point increase since September…

Continue Reading On macleans.ca »

Reverse Mortgage Competition is Here

– canadianmortgagetrends.com

Despite a decade of double-digit growth, HomEquity Bank has zero meaningful competition. Remember these guys (Seniors Equity)? They lasted only a year. But times are about to change. This morning a new horseman rode into town: Equitable Bank. The country’s #1 alternative lender has announced the “PATH Home Plan.” PATH is basically a reverse mortgage with the […]

Continue Reading On canadianmortgagetrends.com »

OTTAWA — The economy’s impressive run prompted the Bank of Canada to raise its trend-setting interest rate Wednesday for the third time since last summer — and to send a signal that more increases are likely on the horizon.
The central bank pointed to unexpectedly solid economic numbers as key drivers behind its decision to hike the rate to 1.25 per cent, up from one per cent. The latest increase follows two hikes in July and September.
READ: Your mortgage is going to get more expensive
The bank also sent a message that the economy will likely need an even higher benchmark over time. In getting there, however, it said the governing council will remain cautious when considering future hikes by assessing incoming data such as the economy’s sensitivity to the higher borrowing rates.
On Wednesday, the bank couldn’t ignore the data even as it acknowledged that the heightened uncertainty surrounding the future of the North American Free Trade Agreement — and the potential negatives for Canada — was casting a shadow over its outlook…

Continue Reading On moneysense.ca »

BREAKING: Ontario Car Insurance Rates Increase
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by one per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the fourth quarter of 2017, approved rates from auto insurance companies increased by 1.03 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by as much as 12.67 per cent, and another inflating its rates by 9.43 per cent on average.
“Consumers are urged to shop around for auto insurance,” FSCO said in its quarterly statement…

Continue Reading On ratesupermarket.ca »

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