What the latest BoC interest rate hike means for you + MORE Sep 7th

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Why I started this site… 400+ articles later Feb 4th

I’m often asked why I started this site. It’s simple: I was tired of reading misinformation and twisted truths about mortgage brokering in Canada. Back in 2009 when I created the site, there were some new blogs reporting on mortgage trends and offering ‘expert’ advice. (I use the term ‘e.... More »

Latest in Mortgage News: OSFI leaves stress test rate unchanged + MORE Dec 13th

Canada’s banking regulator confirmed today it will leave the mortgage stress test for uninsured mortgages unchanged..... More »
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Canada's big banks cut credit card interest rates to ease coronavirus impact - CBC.ca + MORE Apr 4th

Canada's big banks cut credit card interest rates to ease coronavirus impact  CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact  CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals  Financial PostI.... More »
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Canada’s best credit cards for people with bad credit 2021 + MORE Oct 14th

Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properl.... More »

Latest in Mortgage News: Why the Fed Cut Rates this Week Aug 4th

The big news of the week was the Federal Reserve’s interest rate cut, the first one since the financial crisis more than 10 years ago. Despite a strong domestic economy, Federal Reserve Chairman Jerome Powell said the cut was a pre-emptive move to brace against “downside risks.” &#.... More »
TORONTO — Equifax Canada says non-mortgage consumer debt climbed 3.3 per cent year-over-year in the second quarter and warns that consumers’ ability to keep up with their debt payments could be affected as interest rates and borrowing costs rise.
The credit monitoring firm’s report comes out a day before the Bank of Canada announces its first interest rate decision since hiking its key lending rate by one-quarter of a point to 0.75 per cent in July.
Strong second-quarter economic growth figures last week has an increasing number of economists predicting the central bank will raise rates sooner rather than later, which could help to curb consumer borrowing at a time when Canadians have record debt loads.
Equifax says non-mortgage debt rose to the equivalent of $22,595 per person in the second quarter.
Alberta had the highest provincial average, at $28,240 of non-mortgage consumer debt per person — up 1.8 per cent from last year — followed by Saskatchewan ($24,690) and British Columbia ($24,026)…

Continue Reading On moneysense.ca »

The Bank of Canada is hiking its benchmark interest rate by a quarter point to one per cent. So, what does that mean for people with credit card debt or a mortgage?
Economist Bryan Yu with Central 1 Credit Union says if you’re carrying a lot of debt on your credit card, you’ll probably start to notice higher interest charges.
“They’re going to be facing the quarter-point increase on terms of that debt for their servicing… That’s a quarter point on an annual basis. So, it is going to be a bit of a pinch going forward.”
Read: I crushed our $320,000 mortgage in just six years
“Likely, we are going to see a couple more hikes going forward,” he speculates. “But I think at this point, it will be relatively stable for most individuals until about next year.”
So, it might be a good time to start chipping away at that balance.
“They should keep in mind that this is sort of the early stages of a longer-term rate cycle. So, they may want to be looking at paring back some of that debt over time,” says Yu…

Continue Reading On moneysense.ca »

TORONTO — A new survey by the Canadian Payroll Association suggests nearly half of workers are living paycheque to paycheque due to soaring spending and debt levels.
The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.
For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.
Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses…

Continue Reading On moneysense.ca »

TORONTO — A new survey by the Canadian Payroll Association suggests nearly half of workers are living paycheque to paycheque due to soaring spending and debt levels.
The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.
For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.
Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses…

Continue Reading On canadianbusiness.com »

Since the Bank of Canada couldn’t wait until October to raise rates, here are some facts and strategies for homeowners to ponder

Continue Reading On theglobeandmail.com »

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