Bank of Canada Rate Announcement – No Change to Interest Rates

January 17, 2012 by Kelvin Mangaroo

Bank of Canada Rate Announcement – No Change to Interest Rates

The Bank of Canada announced this morning that interest rates will remain unchanged for the 11th consecutive time over the past 15 months. The last time the BOC made a change to the overnight lending rate was in September 2010 with a moderate increase of 0.25 per cent. The news is really no news at all, given that nearly all industry professionals and top economists were anticipating no change. But what should be of interest to consumers is the justification behind the decision. Here’s why the Bank of Canada is keeping interest rates where they are.
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Canadian Economic Outlook for 2012

January 17, 2012 by Diane

It’s the time of year when we shake off the old year and look ahead to guess what the new one will bring. 2011 was a mixed bag of economic drama: real estate, stock market, jobs and other indicators seemed down as often as they were up. What about 2012? The verdict is mixed, the debt crisis in Europe being the pivotal factor. Here’s what’s up for the year.
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Annual Recap: Mortgage Rates and Mortgage Trends in 2011

December 26, 2011 by Kelvin Mangaroo

Annual Recap: Mortgage Rates and Mortgage Trends in 2011

If you’ve been carrying a variable rate mortgage, 2011 has been a great year for you. The Bank of Canada held their target for the overnight rate at 1% all year long and subsequently none of the major banks change their prime rates, currently steady at 3%. This resulted in no change to monthly payments for variable mortgage holders, and those of you on Prime – 1% are very lucky!
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If The Bank Is Calling To Lend You Money – HANG UP!

December 14, 2011 by Rubina

If The Bank Is Calling To Lend You Money – HANG UP!

The ease in which Canadians can get their hands on borrowed funds is astonishing. When I sat down to write this piece, I wanted to talk about the newest Statistics Canada report on Canadian debt levels, which are extraordinarily high. As I started writing my phone rang and the conversation that ensued blew my mind. I was experiencing first hand how easy it is to get into debt.
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The Rich Are Getting Richer

December 8, 2011 by Rubina

The phrase “The rich get richer, while the poor get poorer,” has never been truer for Canada. A report by the Organization for Economic Co-operation and Development finds, the gap between Canada’s richest and poorest people is widening. The survey conducted in 2008 found, the top 10 per cent of Canadians earned 10 times as much as the bottom 10 per cent. This 10-1 ratio is above the OECD average of 9-1. The U.S ratio is 14-1. In Germany, Denmark and Sweden the ratio is 6-1. In my opinion if this survey were conducted today, the gap between rich and poor would be even wider. Here’s why I think that way.
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