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

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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 »
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 credit.

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TORONTO _ The chief executive of Royal Bank says the housing market slowdown is a welcome shift in consumer psychology toward more caution.
David McKay told shareholders at the company’s annual meeting Friday that the bank is seeing a more balanced pricing trend after tighter conditions last year.
The Vancouver and Toronto region real estate boards, representing the country’s hottest markets, reported double-digit annual sales declines in March earlier this week.
B.C. and Ontario have introduced a series of measures to cool the housing market, including taxes on non-residents.
Further cooling pressure came from the federal level, including a financial stress test for buyers implemented Jan. 1 for federally-regulated lenders.
Both variable and fixed-rate mortgage rates have also risen as a result of moves by the Bank of Canada and fluctuations in the bond markets.
The post RBC CEO says housing market slowdown a welcome shift in consumer psychology appeared first on Canadian Business – Your Source For Business News.

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