A slower recovery, not a recession

Global turmoil will slow down Canada’s recovery, the country’s top economic policy makers warn, but they don’t expect another recession and say they’re well equipped to fight a slump if they’re wrong. At a rare summer session of the House of Commons finance committee, Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney […]

RBC Signals That VRMs Too Costly

RBC, the nation’s biggest mortgage lender, has cut its variable rate discount by 0.20 percentage points. The change is effective tomorrow. That lifts its advertised variable rate from 2.35% (prime – 0.65%) to 2.55% (prime – 0.45%). Given that lenders travel in packs, it’s likely that some other banks and non-banks will follow suit and reduce their […]

Canadian Housing Market to Remain Steady in 2011

OTTAWA, August 24, 2011 — Housing starts are forecast to remain steady in 2011 and 2012, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarterHousing Market Outlook, Canada Edition.1 “Housing starts have been strong in the last few months, but are forecast to moderate closer in line with demographic fundamentals,” said Mathieu Laberge, Deputy Chief […]

Movin’ on up: more Canadians upgrading homes sooner

Movin’ on up: more Canadians upgrading homes sooner -2011 TD Canada Trust Repeat Home Buyers Report finds 7 in 10 repeat home buyers move earlier than they originally intended TORONTO (August 23, 2011) – Two-thirds of Canadian repeat home buyers are moving on to larger or more luxurious homes and many are moving earlier than […]

Mortgage debt threatens boomers’ retirement plans

Mortgage debt threatens boomers’ retirement plans Nearly half of Canada’s baby boomers are still paying down their mortgage and view their level of debt as an obstacle to reaching their financial goals. A poll released Wednesday by CIBC and conducted by Harris-Decima said that as the country’s largest demographic moves closer to retirement, 46 per […]

Garry Marr, Financial Post · Aug. 23, 2011 | Everybody loves a deal and the best way to find one is to demand one. If you are looking for ways to reduce your monthly expenses, imagine being able to accomplish that without giving up a thing. Sometimes it’s as simple as picking up the phone and […]

Store brands that save you money Are you a brand snob? You might be missing big-time savings.

Are you a brand snob? You might be missing big-time savings. People can be such snobs. Nothing better illustrates this than the unwillingness of some folks to try a no-name store brand. Citing “inferior quality”, these grocery aisle stiff-necks put brand names before savings, often spending far more than they need to. (Is this so […]

CDN jobless rate lowest since 2008

OTTAWA (Reuters) – Canada’s unemployment rate fell to 7.2 percent in July, its lowest since December 2008, from 7.4 percent in June, though this was due more to people dropping out of the labor market than to job creation. Statistics Canada said Friday the economy managed to eke out 7,100 new jobs while holding on […]

Canadians making good progress on debt

More than half of Canadians say they are making good progress paying down their debt, still many fear it’s not enough, according to a new survey. Harris-Decima and CIBC polled more than 2,000 adults and found 72% are holding some form of debt. The good news is 61% say they are making good progress repaying […]

Ottawa chastised for handling of TFSA tax rules

The Canada Revenue Agency should have been more active in fulfilling its responsibility of letting Canadians know the tax consequences of the Tax-Free Savings Account (TFSA), says a new report from the federalTaxpayers’ Ombudsman. Although the rules regarding withdrawals and over-contributions were available on the CRA’s website from the start of the program, the report released Monday said the […]