How to get a better loan rate from your bank

Canada’s big banks are being squeezed by low interest rates and slowing demand for loans and mortgages. That means they’re more willing to compete for your business. Bank profits depend heavily on what’s known as the interest rate spread. These institutions take deposits in the form of chequing and savings accounts that pay little interest…


Canadians being more cautious with debt, says banker

The slowdown in Canada’s housing market suggests consumers are being more “prudent” with credit after racking up a record amount of household debt earlier this year, says one of this country’s top bankers. Gerry McCaughey, chief executive officer of the Canadian Imperial Bank of Commerce, said he is confident that Canadians remain capable of keeping…


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…


All Big Five banks raise five-year mortgage rates

With a late-day announcement yesterday, Bank of Montreal became the fifth of Canada’s Big Five banks to raise its mortgage rates this week. BMO hiked its five-year fixed-rate closed-term mortgage by 60 basis points to 5.85%, matching increases announced earlier in the day by Canadian Imperial Bank of Commerce, Bank of Nova Scotia, National Bank…