TD Bank follows BMO’s lead
TD Canada Trust followed suit and slashed mortgage rates a half percent on their four-year fixed interest rates, to 2.99 percent, on Thursday. This follows on the heels of BMO’s mortgage rate slash on Wednesday, which brought the rate down to 2.99 percent on their 5-year fixed rate mortgages. TD Bank says their low rates [...]
Household debt not an issue for banks
This doesn’t come as a surprise to many of us, but as the Globe and Mail reports, banks just aren’t concerned about Canadian’s debt-load. However, the reasons why offer a sliver of silver lining. Largely, this is due to the fact that most Canadians aren’t overdue on their mortgages, and our credit card payment rates [...]
Rein in your Mortgage Debt!
Back in November, economists and groups such as the Organization for Economic Co-operation and Development, cited record consumer debt levels as a key threat to Canada’s economy. The average Canadian household has debt that is 150 % of their income with mortgage debt accounting for the largest proportion of credit. The good news is Canadians [...]
Policy Shift
Written by Stephanie Shiu In a dramatic policy shift, the Bank of Canada (BOC) held its overnight rate unchanged at 1 percent, where it has been for the past year. The BOC said on September 7, it saw less need to raise interest rates, and took a more cautious stance about the worsening global economy: [...]
