Rate hike likely after economy grows most in decade

The Canadian economy posted better-than-expected growth in the first three months of 2010, marking the best quarterly performance in over a decade, Statistics Canada reported Monday — and all but cementing the likelihood of a Bank of Canada rate hike this week. Strong domestic demand and a robust manufacturing sector helped the Canadian economy record…


RBC launches Personal Financial Management

RBC today launched myFinanceTracker, Canada’s first online financial management tool integrated into an online banking system. myFinanceTracker will automatically categorize transactions, track expenses and provide advanced budgeting capabilities for all personal banking and credit card accounts. “myFinanceTracker will help our clients save time and money while managing their finances,” said James McGuire, vice president, Digital…


Canada won’t fall victim to foreclosure wave

Canada’s housing market won’t fall victim to the type of foreclosure wave the United States saw, according to a new report by debt-rating firm DBRS Ltd. DBRS said in the report that Canada will continue to fare well in comparison with its neighbour to the south when the Canadian housing market corrects itself and interest…


Mortgage options for Entrepreneurs

Entrepreneurs tend to have a little more difficulty getting a loan or mortgage. They tend to keep their income low for tax reasons which makes it hard for a lender to approve the loan. There are however solutions out there and companies that understand your specific situation. One of those companies is Mortgage NOW out…


The pros and cons of hybrid mortgages

According to the RBC survey results, most of us still prefer a fixed-rate mortgage, where the rate of interest is fixed for a specific period of time. With this kind of mortgage, you lock in your mortgage interest rate to a specified rate for a term as long as 10 years. The benefits of a…


P2P lender Prosper in firefighting mode following botched platform switch

US peer-to-peer lender Prosper is still struggling to reconcile user accounts three weeks after botching a major upgrade to a new loan servicing platform. The switchover to the new platform was a major project that involved the integration of more than 2 million loan based transactions. What were initially reported as a number of anomalies…


Central banks must raise interest rates

There is an urgent need for industrialized economies to begin cutting their debt-laden budgets and central banks to hike interest rates — or else face the risk that inflation gets unwieldy, the OECD warned Wednesday in its latest global economic outlook. “Exit from exceptional fiscal support must start now, or by 2011 at the latest,…


Global debt problems shake Canadian consumer confidence

The recent bout of negative global economic headlines has shaken Canadian consumer confidence and although people in this country appear relatively comfortable with the here-and-now, they have more than a healthy dose of skepticism about the future, a new survey by TNS Consumer Facts said. The latest TNS Consumer Confidence Index fell below the 100-point…


Prospera Credit Union Offers new Visa

Prospera Credit Union, the fifth largest credit union in BC and VISA Desjardins, Quebec’s largest credit card issuer, have signed a partnership agreement making VISA Desjardins the exclusive supplier of credit cards to members of Prospera Credit Union. To launch the new VISA product offering, Prospera Credit Union branches are giving away 40 tickets to…


New rules cuff some mortgages to banks

A headlock would be the wrestling term to describe the hold Canadian banks will have on some consumers because of new, more strict mortgage rules. We are already seeing the impact of the changes that came into effect on April 19, but were put in place well in advance by Canadian financial institutions. Consumers are…