Jim Flaherty: ‘I Thank’ the Banks that Didn’t Cut Mortgage Rates
Finance Minister Jim Flaherty has been known in the past for lashing out at the banks for their “irresponsible lending” habits and for encouraging Canadian consumers to take on even more debt that they can’t afford. When the Bank of Montreal slashed their mortgage rates to just 2.99 per cent for a 5-year fixed term…
Read moreIs BMO’s Rate Cut the First of Many We’ll See?
Last spring was a tumultuous time for the mortgage market – especially if you were Finance Minister Jim Flaherty. Mortgage interest rates were at rock-bottom lows (and still are,) we didn’t have the strict mortgage rules that are in place now, and banks started to compete for business. Seriously compete for business. Most of them…
Read moreDifferences between Banks and Trusts
Canadian Mortgage Trends recently just reported on the fact that Equitable Trust, the second-largest alternative lender in Canada, is thinking about becoming a bank. While the company has stated that, should this be something that becomes reality, it will have “no impact on” its current business model, nor would it greatly affect their customers. It…
Read moreA Drop in Consumer Lending has Banks Clamping Down, says Analyst
It seems that Canadians have been paying attention to all the warnings given by Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney – consumer debt has finally slowed. But while that might be good news for some of Canada’s top officials, not to mention its biggest borrowers, it’s nothing but bad news…
Read moreCIBC Opens on Sundays
Banks need to do whatever they can to stay competitive these days. Two months ago it was because mortgage deals were so good that banks wanted to scoop up as many mortgage consumers as they could. Now, it’s because there are much fewer buyers on the market; and so, banks need to desperately try to…
Read moreBoC Holds Rate Steady
Happy second anniversary! It’s been two years since there’s been any increase to the overnight rate here in Canada and to celebrate, Bank of Canada governor Mark Carney has held the interest rate right where it is. For the time-being. While Mr. Carney certainly pointed (again) to the fact that interest rates won’t stay this…
Read moreCIBC Shies Further Away from Lending
CIBC announced early this year that it wanted to exit the mortgage broker channel and sell FirstLine, its mortgage branch. Also announcing that they were planning to keep their mortgage products (and the customers that went with them) within their branches, it was thought that the move was being made solely so that CIBC could…
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