Bank of Canada makes third rate cut in a row

9/4/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada has cut its policy rate by a further 25 basis points in its September decision, marking a third consecutive move to bring rates lower. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canada Living, Canadian Debt, Variable Rate Mortgages

The Bank of Canada is expected to cut rates again, with U.S. Fed on deck

9/3/2024 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada is widely expected to deliver a third consecutive interest rate cut on Wednesday as inflationary forces continue to cool on both sides of the Canada-United ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canada Living, Canadian Debt, Interest Rate Forecast, Interest Rates, Mortgage Interest Costs, Variable Rate Mortgages

Bank of Canada cuts key interest rate to 4.5% with hints of more to come

7/24/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday, the second straight reduction in the central bank’s easing cycle. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canadian Debt, Home Buyers, Household Debt, Mortgage Debt, Variable Rate Mortgages

The hidden cost of rising debt: why checking your credit report matters more than ever

7/14/2024 | Posted in Financial Health by Jessi Sandhu

With interest rates and borrowing costs at elevated levels, it’s more important than ever to ensure your credit report is in good standing. ... More

Tags: Canadian Debt, Credit Score, Household Debt

Residential mortgage debt hits $2.16 trillion amid slowest growth in 23 years: CMHC

5/29/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4 per cent year-over-year and ... More

Tags: Canadian Debt, CMHC, Household Debt, Mortgage Debt

More Canadians only making minimum payment on credit cards: TransUnion

5/29/2024 | Posted in Financial Health by Jessi Sandhu

A new report suggests an increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household ... More

Tags: Canada Living, Canadian Credit Market, Canadian Debt, Household Debt

Inflation slows more than expected in January

2/20/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Canadian consumer prices eased at the start of this year, with progress on underlying pressures likely to give the Bank of Canada more room to start considering rate cuts in the ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canada Living, Canadian Debt

Market participants still expect the first Bank of Canada rate cut in April

2/5/2024 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Despite push-back from the Bank of Canada against aggressive rate-cut predictions, a majority of influential economists and analysts still expect rates to start falling by April. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Inflation Rate, Canada Living, Canada Real Estate, Canadian Banks, Canadian Debt, Canadian Housing Market Slowdown, Interest Rate Forecast, Recession, Variable Rate Mortgages

There's a common theme among Canadians overwhelmed by debt

2/6/2024 | Posted in Financial Health by Jessi Sandhu

Further analysis of the latest Canadian insolvency stats reveal some revealing elements that typically connect those whose finances have got too much for them. ... More

Tags: Canada Living, Canadian Debt, Canadian Households, Household Debt, Insolvency, Mortgage Debt, NonMortgage Debt

Under-35 households lead the way in reducing mortgage debt, StatCan reports

1/25/2024 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada’s youngest demographic of homeowners is the only group to have reduced their mortgage debt since rates started rising in 2022. ... More

Tags: Canadian Debt, Canadian Mortgage Market, Household Debt, Mortgage Consumers, Mortgage Debt

Mortgage renewals could cause severe downturn

10/7/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

Upcoming mortgage renewals at high interest rate levels will potentially drive the Canadian economy into a more severe downturn than anticipated. ... More

Tags: Bank of Canada, Canadian Debt, Mortgage Consumers, Mortgage Delinquency, Mortgage Renewals

Household debt levels set new record high in Q2

9/4/2023 | Posted in Financial Health by Jessi Sandhu

Higher living costs are pushing more and more Canadians into debt, according to a new report. ... More

Tags: Canadian Debt, Canadian Households, Household Debt

When will the Bank of Canada put the brakes on its rate-hike campaign?

6/27/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Economists weigh in on the possibilities for the central bank’s policy rate ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers

Canadians' mortgage borrowing hits lowest level since 2003

6/15/2023 | Posted in Financial Health by Jessi Sandhu

Canadians' mortgage borrowing has reached its lowest level since 2003, primarily due to the impact of higher interest rates, according to recent data released by Statistics ... More

Tags: Canada Living, Canadian Debt, Household Debt, NonMortgage Debt, Variable Rate Mortgages

Canada's debt rises as rates cut into households' cash flow

6/14/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Hawkish monetary policy and inflation posing headwinds for borrowers, latest figures suggest ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, NonMortgage Debt

Canadian consumer debt hits all-time high, reaching $2.32 trillion in Q1 2023: TransUnion

6/1/2023 | Posted in Financial Health by Jessi Sandhu

Amid interest rate hikes and high inflation, more Canadians are turning to credit for relief, with consumer debt hitting a new record in the first quarter of 2023. ... More

Tags: Canada Living, Canadian Debt, Household Debt

Canada's residential mortgage debt now $2.08trn, says CMHC

5/25/2023 | Posted in Financial Health by Jessi Sandhu

The federal housing agency has revealed the latest industry trends ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Jessi Sandhu

Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Canadians are cutting back on debt amid fears of recession

1/2/2020 | Posted in Canada Living by Jessi Sandhu

Most Canadians held back from increasing their debt burden in 2019 and 1 in 5 say debt repayment is their top financial priority for 2020. ... More

Tags: Canadian Debt, Household Debt, NonMortgage Debt, Personal Finance

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

TD economists says the cost of servicing debts should ease early in 2020 ... More

Tags: Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Canadian Household Borrowing Jumps By 31%, StatCan Says

12/16/2019 | Posted in Financial Health by Jessi Sandhu

Canadians' borrowing habits are back to where they were before policymakers cooled off the housing market. Lower interest rates are convincing some to borrow more. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Interest Rates, NonMortgage Debt

Canadians' wealth reduced as real estate gains are erased

9/19/2019 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

The average Canadian household was worth less in 2018 than in the previous year. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Personal Finance, Property Value, Real Estate Values

Stats Can releases Q2 household debt data

9/14/2019 | Posted in Financial Health by Jessi Sandhu

Household income grew slightly faster than debt in the second quarter as the amount Canadians owe relative to their income edged down for the third quarter in a row. ... More

Tags: Canadian Debt, Household Debt, NonMortgage Debt

Bank of Canada reveals latest interest rate decision

9/4/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada resisted pressure from investors by declining to signal it will soon follow global peers in easing monetary policy. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Jessi Sandhu

A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Average Canadian household spent more on taxes than living costs in 2018, report finds

8/2/2019 | Posted in Financial Health by Jessi Sandhu

The average Canadian household paid nearly $40,000 in taxes last year, more than the combined cost of clothing, food and shelter, according to a new report. ... More

Tags: Canada, Canadian Debt, Taxes