In January of this year, Jim Flaherty, Canada’s minister of finance, announced that new mortgage and HELOC restrictions were to come into effect in March, 2011. The purpose of the new restrictions was to help curb consumer debt, which was said to be rising at an alarming rate. So have Flaherty’s restrictions brought the stability he sought, or are consumers only sinking deeper into debt?
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Interesting article in the Globe and Mail on how younger Canadians are not “respecting” mortgages as much as our parents did. Here it is: For me and most of my friends, mortgages represent the single large expense in our family …
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The Globe and Mail reported that Vancity’s online banking arm, Citizens Bank, will stop offering residential mortgages and focus solely on credit cards and foreign exchange services for non-retail members. This has resulted in Vancity selling the majority of its …
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TD released a report yesterday looking at Canadian household credit in June 2009. Their major findings included: Canadian housing market Canadian bank credit to households increased 9.9% over June ’08 and 1.1% over May ’09 This growth was largely based …
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RBC Royal Bank has announced that they have dropped their residential mortgage rates by an average of 0.30% and the changes were effective on April 25, 2009. The changes are as follows: 6 month open 6.55% -0.30% 6 month convertible …
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