Decrease article font size Increase article font size The prime rate at Canada’s six largest banks increased simultaneously following the Bank of Canada’s recent rate hike, leading to a tighter access to credit and higher borrowing costs for Canadians. RBC, TD Bank, BMO, Scotiabank, CIBC, and National Bank have all raised their prime lending rate …
Decrease article font size Increase article font size The Bank of Canada has raised its benchmark interest rate by another 25 basis points, reaching levels not seen since 2001 due to concerns that the decline in inflation “could stall.” The central bank’s key interest rate now stands at 5.0 percent following consecutive hikes. Several economists, …
A recent poll conducted by Ipsos Public Affairs for Global News reveals that Canadians are increasingly concerned about rising interest rates and inflation. Many Canadians fear they won’t be able to pay off debts, such as credit card bills, as interest rates continue to climb. According to the survey, 81% of Canadians are worried that …
By Staff The Canadian Press Posted July 10, 2023 9:47 am Descrease article font size Increase article font size A report by insolvency firm MNP Ltd. reveals that 52% of Canadians are just $200 away or less from being unable to pay all of their bills at the end of the month. This is due …
Extending amortizations is a common method used by lenders to provide relief for Canadian homeowners struggling with mortgage payments due to higher interest rates. However, experts and regulators are cautioning that this strategy can have hidden costs and risks for consumers. Initially, amortizations for insured mortgages are limited to 25 years in Canada, but they …
Decrease article font size Increase article font size Canada’s unemployment rate increased to 5.4% in June despite continued hiring by employers, as reported by Statistics Canada. The agency announced that Canada added 60,000 jobs, including 110,000 full-time positions, last month, the largest employment increase since January. However, the unemployment rate rose due to an increase …
Economists say that the early signs of wage growth slowing indicate that the Bank of Canada is making progress in its fight against inflation. However, it is unclear whether Canadians will be able to regain the purchasing power they lost during sustained price growth. Brendon Bernard, senior economist with job site Indeed, says that if …
By Staff The Canadian Press Posted June 30, 2023 6:31 am Decrease article font size Increase article font size A pair of significant economic reports are set to be released on Friday morning, signaling potential changes in Canada’s economic landscape. Statistics Canada will unveil its report on the performance of the economy in April through …
The rate of inflation experienced a significant drop last month, raising questions about whether the Bank of Canada will proceed with another interest rate hike in July. According to Statistics Canada, the annual inflation rate for May decreased by one percentage point to 3.4 percent. Economists had anticipated a more modest decline to 3.6 percent. …
The housing market in Canada will not be fully suppressed by the Bank of Canada’s interest rate hikes, according to a new report from Desjardins. The report emphasizes that the housing market rebounded strongly since March, coinciding with the pause in rate increases that ended recently. Although another interest rate increase is expected in July, …