As consumer debt levels soar and baby boomers approach retirement, the federal government is looking at adopting a long list of measures designed to prod Canadians into making smarter financial decisions. The measures recommended by a federal task force cover a wide range of initiatives. Employers who offer pensions would be required to automatically enrol […]

You think you know that, right? With Monday’s announcements that TD Canada Trust and CIBC are raising some of their fixed-term mortgage rates by as much as one-quarter of a percentage point, let’s see if you do.   Rising rates will make affording a first home much harder – so much so that you’ll pay […]

North American consumers are starting to feel better about their personal finances and the economy, a hopeful sign for the still fragile recovery. Two fresh surveys, one by the Conference Board in Canada and another from the International Monetary Fund in the U.S., detected an identical pattern of rising confidence in January, although relative optimism […]

People who remember the days when there was only one type of mortgage — with interest fixed at five per cent annually for the entire 25 years — will also remember the cartoon character Pogo saying: “I have met the enemy, and he is us.” Indeed, there are times when we need to be saved […]

The risk of mortgage rates rising to unaffordable levels in the near future is “negligible” and recent measures taken by Ottawa to clamp down on housing loans may be too harsh, says Canada’s mortgage industry association. Due to the effect of tightened lending rules “housing demand at present and for the near future is probably […]

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership. “Canada’s well-regulated housing sector has been an important strength that […]

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding at a somewhat faster pace than the Bank had anticipated, although risks […]

Another year has come and gone and you’re wondering how to improve your finances. You’ve relinquished your latte habit and given your shoe fetish the boot, yet you don’t seem to be able to save as much as you’d like. It’s too hard to trim expenses, you say. It takes too much time to budget. […]

Canadian housing prices dropped in October for the second straight month, but experts say it’s not the start of a precipitous decline like the plunges seen in the United States. The Teranet-National Bank Composite House Price Index found that prices dropped by 0.4 per cent nationally, pushed by declines in Calgary (1.0 per cent) and […]

Canadian Finance Minister Jim Flaherty says it’s up to commercial banks — not government — to rein in lending as household debt soars, countering comments by Toronto-Dominion Bank Chief Executive Officer Edmund Clark. “The primary responsibility for prudence in lending practices rests with the financial institutions,” Flaherty said in a Dec. 21 interview in Ottawa. “People also need to take […]