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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Customer says BMO ignored her plea to cap limit on joint line of credit with ex: debt more than doubles + MORE Apr 9th

An Ontario woman says she is furious that her bank repeatedly increased the limit on a joint line of credit she had with her then-husband, allowing him to rack up debt for which she is responsible. She wants banks to have to get permission before increasing a customer's line of credi.... More »

My fellow partisans: How we can yell at each other more thoughtfully + MORE Mar 31st

Jason Lietaer is a conservative strategist and commentator who is the president of the national communications firm Enterprise Canada. He is an aspiring participant of championship parades to be held for the Leafs and Raptors. Over the past several years, fuelled by the rise of social media and an i.... More »

Canadian household debt hits $1.8T as report warns of domestic risk + MORE Mar 13th

TORONTO _ Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels. Equifax Canada said in a new report Monday Canadian consumers now owe $1.821 trill.... More »
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B.C. home sales to fall as interest rates rise, but prices stay strong: BCREA + MORE Mar 10th

VANCOUVER _ Real estate experts in British Columbia predict residential home sales will dip this year but remain well above the province’s 10-year average, although they warn rising interest rates could leave some B.C. households “vulnerable.” The British Columbia Real Estate Assoc.... 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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