Bank of Canada slashes rates, says monetary policy has worked

10/23/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country ... More

Tags: Bank of Canada Benchmark Rate, Bidding Wars, Household Debt, Variable Rate Mortgages

Bank of Canada seen cutting rates faster after weak U.S. jobs data

8/3/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Markets are betting the Bank of Canada will cut at each of its remaining interest rate decisions this year as the labor market in the U.S. looks to be loosening faster than ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rate Forecast, Mortgage Interest Costs, Variable Rate Mortgages

Bank of Canada cuts key interest rate to 4.5% with hints of more to come

7/24/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday, the second straight reduction in the central bank’s easing cycle. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canadian Debt, Home Buyers, Household Debt, Mortgage Debt, Variable Rate Mortgages

The hidden cost of rising debt: why checking your credit report matters more than ever

7/14/2024 | Posted in Financial Health by Jessi Sandhu

With interest rates and borrowing costs at elevated levels, it’s more important than ever to ensure your credit report is in good standing. ... More

Tags: Canadian Debt, Credit Score, Household Debt

Residential mortgage debt hits $2.16 trillion amid slowest growth in 23 years: CMHC

5/29/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4 per cent year-over-year and ... More

Tags: Canadian Debt, CMHC, Household Debt, Mortgage Debt

More Canadians only making minimum payment on credit cards: TransUnion

5/29/2024 | Posted in Financial Health by Jessi Sandhu

A new report suggests an increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household ... More

Tags: Canada Living, Canadian Credit Market, Canadian Debt, Household Debt

Renters have harder time accumulating wealth than homeowners: RBC economist

3/14/2024 | Posted in Financial Health by Jessi Sandhu

Renters face daunting barriers in their attempts to build wealth as they’re forced to devote an increasing share of their income to keeping a roof over their head. ... More

Tags: Canada Living, Household Debt

There's a common theme among Canadians overwhelmed by debt

2/6/2024 | Posted in Financial Health by Jessi Sandhu

Further analysis of the latest Canadian insolvency stats reveal some revealing elements that typically connect those whose finances have got too much for them. ... More

Tags: Canada Living, Canadian Debt, Canadian Households, Household Debt, Insolvency, Mortgage Debt, NonMortgage Debt

Under-35 households lead the way in reducing mortgage debt, StatCan reports

1/25/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada’s youngest demographic of homeowners is the only group to have reduced their mortgage debt since rates started rising in 2022. ... More

Tags: Canadian Debt, Canadian Mortgage Market, Household Debt, Mortgage Consumers, Mortgage Debt

BoC set to leave rate unchanged in January, says RBC

1/19/2024 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada is likely to leave its overnight rate unchanged in its first decision of 2024, according to new forward guidance by the Royal Bank of Canada. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Household Debt, Interest Rates, Mortgage Rates Canada, Variable Rate Mortgages

Household debt levels set new record high in Q2

9/4/2023 | Posted in Financial Health by Jessi Sandhu

Higher living costs are pushing more and more Canadians into debt, according to a new report. ... More

Tags: Canadian Debt, Canadian Households, Household Debt

Rising mortgage interest costs now biggest factor driving inflation - and they're not done yet

6/28/2023 | Posted in Canada Living by Jessi Sandhu

Inflation cooled on a month-over-month basis in May, but one factor that has been unrelenting in driving the consumer price index higher is mortgage interest costs — and the ... More

Tags: Canada Living, Canadian Households, Household Debt, Mortgage Consumers, Mortgage Interest Costs

When will the Bank of Canada put the brakes on its rate-hike campaign?

6/27/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Economists weigh in on the possibilities for the central bank’s policy rate ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers

Canadians' mortgage borrowing hits lowest level since 2003

6/15/2023 | Posted in Financial Health by Jessi Sandhu

Canadians' mortgage borrowing has reached its lowest level since 2003, primarily due to the impact of higher interest rates, according to recent data released by Statistics ... More

Tags: Canada Living, Canadian Debt, Household Debt, NonMortgage Debt, Variable Rate Mortgages

Canada's debt rises as rates cut into households' cash flow

6/14/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Hawkish monetary policy and inflation posing headwinds for borrowers, latest figures suggest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, NonMortgage Debt

Canadian consumer debt hits all-time high, reaching $2.32 trillion in Q1 2023: TransUnion

6/1/2023 | Posted in Financial Health by Jessi Sandhu

Amid interest rate hikes and high inflation, more Canadians are turning to credit for relief, with consumer debt hitting a new record in the first quarter of 2023. ... More

Tags: Canada Living, Canadian Debt, Household Debt

Canada's residential mortgage debt now $2.08trn, says CMHC

5/25/2023 | Posted in Financial Health by Jessi Sandhu

The federal housing agency has revealed the latest industry trends ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers

Canada braces for higher mortgage defaults

4/21/2020 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Rising unemployment and high debt is expected to boost mortgage loan delinquencies in Canada, though experts say it won’t play out like the U.S. subprime mortgage crisis of ... More

Tags: Canada Living, Canada Real Estate, Canadian Households, Canadian Housing Market, Consumer Spending, Household Debt, Mortgage Consumers, Mortgage Delinquency

Millions of Canadians already missing payments due to COVID-19

3/27/2020 | Posted in Financial Health by Jessi Sandhu

The coronavirus outbreak is leading to defaults on credit cards, utilities, and telecoms. ... More

Tags: Consumer Confidence, Consumer Spending, Cost of Living, Household Debt, Personal Finance

Big Six banks slash prime rates by half a point

3/17/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Big Six banks are slashing their prime lending rates 50 basis points to 2.95 per cent from 3.45 per cent in response to the plunge in the benchmark Bank of Canada interest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Banks, Household Debt, Variable Rate Mortgages

Bank of Canada slashes policy rate to 0.75 per cent in surprise cut

3/13/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada cut its trend-setting interest rate by half a percentage point to 0.75 per cent from 1.25 per cent in a surprise move on Friday aimed at softening the economic ... More

Tags: Bank of Canada, Economic Growth, Household Debt, Variable Rate Mortgages

Changing the stress test may raise credit risk for banks says Fitch

2/27/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

The proposed change to the federal mortgage guidelines that would reduce the stress test requirement for borrowers could adversely affect the credit risk of Canada’s big ... More

Tags: Canadian Banks, Household Debt, Stress Test

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Jessi Sandhu

Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Canadians are cutting back on debt amid fears of recession

1/2/2020 | Posted in Canada Living by Jessi Sandhu

Most Canadians held back from increasing their debt burden in 2019 and 1 in 5 say debt repayment is their top financial priority for 2020. ... More

Tags: Canadian Debt, Household Debt, NonMortgage Debt, Personal Finance

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

TD economists says the cost of servicing debts should ease early in 2020 ... More

Tags: Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Canadian Household Borrowing Jumps By 31%, StatCan Says

12/16/2019 | Posted in Financial Health by Jessi Sandhu

Canadians' borrowing habits are back to where they were before policymakers cooled off the housing market. Lower interest rates are convincing some to borrow more. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Interest Rates, NonMortgage Debt

Canadians' wealth reduced as real estate gains are erased

9/19/2019 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

The average Canadian household was worth less in 2018 than in the previous year. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Personal Finance, Property Value, Real Estate Values

Stats Can releases Q2 household debt data

9/14/2019 | Posted in Financial Health by Jessi Sandhu

Household income grew slightly faster than debt in the second quarter as the amount Canadians owe relative to their income edged down for the third quarter in a row. ... More

Tags: Canadian Debt, Household Debt, NonMortgage Debt

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Jessi Sandhu

A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Bank of Canada keeps key interest rate steady

7/10/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada is keeping its trend-setting interest rate steady at 1.75 per cent in a decision widely expected by economists. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, Variable Rate Mortgages