Stephen Poloz will be Next Bank of Canada Governor
It was yesterday that Finance Minister Jim Flaherty announced that after “an exhaustive domestic and international search,” a new Bank of Canada Governor has been found. But it’s not who everyone thought it would be. Predictions made early called for Tiff Macklem, senior deputy governor, to take over the job. Poloz, 57, is the current…
Read moreWhen Banks can’t Win Mortgage Wars, they Turn to Cars
Banks have been struggling to win the mortgage wars for nearly a year now. But since mortgage rules have been tightened for the fourth time in just as many years, banks have been finding that no one’s going to be declared the winner. With fewer buyers on the market, it doesn’t really matter how low…
Read moreOttawa Introduces New Bank Rules, but Brokers say They’re not Enough
While mortgage brokers may have thought Finance Minister Jim Flaherty went too far with the mortgage rules he’s put into place the last several years, they think he hasn’t done nearly enough to protect consumers from “mortgage specialists” at banks. It was last week that Ottawa announced that they were going to be cracking down…
Read moreRBC Apologizes
It took them awhile to do some damage control. And in fact, at first it seemed as though nothing would be done at all, unless the government intervened as they said they would. But, after a long week of heated debate and downright outrage on the part of the Canadian public, RBC has issued an…
Read moreFinance Minister gets some Support for Fla-Rate Drama
When Finance Minister Jim Flaherty got directly involved in the banks and their mortgage rates last month, Canadians were very critical of the move. We may have even made a few comments about it on this blog. But with all the heat he’s taken, TD CEO has now stepped up to the Finance Minister’s defense….
Read moreOur Banks are Still Making Money!
Don’t let them fool you with their talk of a cooling housing market and lower mortgage demand. Our banks are still making money here in Canada, and they’ll most likely continue doing so throughout the next several quarters. A recent report from Fitch says so. Fitch Ratings is one of the Big Three credit rating…
Read moreThe Fla-Rate Drama Continues
You’ve gotta wonder whether or not Finance Minister Jim Flaherty is regretting his decision to let Manulife in on his “displeasure” over the fact that they dropped their rates to rock-bottom 2.99 per cent for five-year fixed rates last week. Ever since he had a spokesperson from the Minister of Finance phone them last week,…
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