Canadian Debt Reaches 8-Year High
Debt Repayment / Economic News / Personal Finance News

Canadian Debt Reaches 8-Year High

Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192. Continue reading »

Financial Literacy Resources for New Canadians

Financial Literacy Resources for New Canadians

If you’re new to Canada, your economic challenges can extend beyond getting a mortgage or credit card. Learning the ins and outs of Canada’s financial system – and how to thrive in it – can take time. Many of the big banks have financial literacy programs for newcomers that include perks such as initial free banking. Also be sure to check out programs at the community level for assistance in setting up a small business, and more. Continue reading »

Record-Breaking 2.94% Five Year Fixed Mortgage Rate Hits the Market
Mortgage News / Mortgages / RSM News

Record-Breaking 2.94% Five Year Fixed Mortgage Rate Hits the Market

In June, 41.8% of Canadian mortgage seekers were leaning towards 5 year fixed rates, according to RatePulse, a new monthly digest offered by RateSupermarket.ca, Canada’s independent rate comparison site. That number is likely to jump even further now that record lows were seen this week for the 5 year fixed rate, at 2.94%. Continue reading »