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 […]

Home ownership trumps renting in personal finance stakes

Owning the roof over your head should still be a goal for most Canadians as paying rent is like paying someone else’s mortgage, experts say. The Bank of Canada gave its clearest signal so far this week that interest rates are set to rise, while a growing number of real estate watchers and some economists […]

Need motivation for cutting debt? Look stateside

The debt problems of the global financial system are your problems. So pay down your credit card, credit line and mortgage. Making your household balance sheet tidier has the fortunate spillover effect of saving our economy. From what? Just look at what’s happening in the United States: The housing market is a disaster, weak consumer […]

Putting Rates in Neutral

Neutral isn’t what it used to be—not with the Bank of Canada’s key interest rate anyhow. In the modern era of monetary policy, the neutral policy rate (NPR) has averaged about 4.20%, according to BMO. Today, BMO, TD, CIBC and others say it’s closer to 3.00%…or less. (Economists have lately been ratcheting down their estimates of the NPR.) If you hold […]

Steady growth in Canada amid uncertain global environment: RBC Economics

Steady growth in Canada amid uncertain global environment: RBC Economics Boost in commodity prices creates a net wealth benefit for domestic economy TORONTO, June 9, 2011 — Canada’s economy has been a frontrunner in the race to expansion with real GDP standing two per cent above its pre-recession peak and posting a 3.9 per cent […]

The Bank of Canada released a special issue of its Review, “Lessons from the Financial Crisis”

The Bank of Canada released a special issue of its Review, “Lessons from the Financial Crisis,” which examines the recent research on the role of liquidity in the financial system, and the public policy responses that aimed to restore stability to the financial system during the crisis and foster economic recovery.

BoC ups growth, stands pat on rates

OTTAWA — The Bank of Canada boosted its growth forecast Tuesday but threw a curve ball at Bay Street expectations for a July interest-rate hike by warning the “persistent strength” in the loonie could cause even greater headwinds for the economy. While some analysts still expect the central bank to start raising rates in July […]

Bank of Canada maintains overnight rate target at 1 per cent

The Bank of Canada announced that it is maintaining its target for the overnight rate at 1 per cent. In its decision, the Bank showed caution in the face of an improving Canadian economy. “The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of the anticipated rebalancing of demand,” […]

Majority of Canadians still confident they can service mortgage payments: BMO

  Two in three Canadian homeowners believe they will still be able to service their mortgage payments if interest rates go up, according to a survey by Bank of Montreal (BMO) Financial Group. While some were unsure, another 18% of Canadians said they would not be able to afford higher payments, although the survey didn’t […]

3 ways to deal with rising mortgage rates

By Moshe Milevsky Here we go, again. The economy is generating more jobs, a handful of banks raise mortgage rates and all of a sudden you’re being advised to lock-in your mortgage before the bank doors slam shut. In fact, some say you’d better hurry-up and buy a house now before mortgage rates go so […]

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