economists’ view that the Bank of Canada will begin raising its benchmark rate in the second quarter – either in April or May – or at the very least in July, once the US Federal Reserve is scheduled to end its US$600 billion asset purchase plan.   Not so says Scotiabank. It’s among the few […]

changes still needed to protect consumers. Let’s start with Ted Menzies, the minister of state for finance, who announced “consumer friendly” rules for federally regulated banks.   The proposed changes would reduce the time banks hold onto cheques before clearing them to four business days (from seven) and give customers immediate access to the first […]

improving Canadians’ ability to manage and repay debt, while also suggesting the federal government introduce more stringent standards for mortgage qualification.   Action Canada’s Task Force on Household Debt, which has been meeting for the past six months, released its report entitled “Debt Crunch: Policy Recommendations for Addressing Canada’s Record Level of Household Debt”, which […]

offered by the nation’s banks has narrowed to about the least in four years as lenders absorb higher borrowing costs to try to increase their share of the country’s surging mortgage market.   The spread between bond yields and the Bank of Canada’s index of five-year conventional mortgage rates shrank to 2.68 percentage points on […]

Canadian homeowners are much more confident than government officials and economists about their ability to pay off mortgages, even if the market takes a turn for the worse, according to a survey released Wednesday. The Royal Bank’s annual outlook suggests 85 per cent of respondents think they are doing a good job paying off their […]

Canadian new home prices rose more than expected in January and hit a record high, but the pace of growth was the slowest since March, adding to evidence that the housing sector is starting to cool. Statistics Canada’s new housing price index, released on Wednesday, rose 0.2 percent in January from December. Analysts in a […]

When mortgage rates are falling, banks will vie for your business. But in times like these when rates are rising, you have to shop around and negotiate to get the best rate. This was the situation I faced in 1994 when we bought our first home. This strategy saved us tens of thousands of dollars […]

The Bank of Canada is sticking to its ultra-low interest rate policy to help the recovery, despite mounting evidence the economy is performing better. And economists said the central bank’s surprisingly “dovish” statement suggests Canadians will be able to borrow at historically low interest rates for months to come. The bank’s decision Tuesday keeps its […]

Canada’s economy ended the year with a bang in 2010, setting the stage to a strong start this year that likely bodes well for jobs, corporate profits and government finances. Statistics Canada said Monday the economy expanded a surprisingly sprightly 3.3 per cent in the last three months last year, a full point more than […]

The average Canadian who files for bankruptcy owes $59,800 not counting his mortgage and is a 41-year-old married man with four credit cards, according to a report by a Kitchener-based bankruptcy trustee. The information, released Monday by Hoyes Michalos & Associates, says this amount owed by the average bankruptcy filer is about three-and-a-half times more […]