As anticipated, the Bank of Canada has announced that the Overnight Lending Rate will remain at one per cent for the time being. However, change is slated for interest rates – as well as the Canadian and global economies – in 2013.
The latest Bank of Canada rate announcement has been released, and while interest rates and stimulus measures remain consistent, future economic expectations are cautiously optimistic.
What is economic capacity, and what implications does it hold for Canada’s own economy, as well as on the global scale? Read on for a breakdown of how economic capacity works, and the ways it can change.
Each year roughly five million Canadian travellers cross the border to fly out of U.S. airports in attempts to avoid steep Canadian airfare fees and taxes
Canada’s trade deficit has hit a record high, according to Stats Canada numbers for July. What does the increase, which is due to a weakening export industry and U.S. trade relations, mean for Canadians and the overall economy?
Looks like the Bank of Canada has been a tad too optimistic about the government’s willingness to spend – and that recent belt-tightening measures will amount to a 0.2 per cent drag on our country’s GDP growth.
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.
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.
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%.