Monthly Archives: January 2018

What to do about your debt after the interest rate hike

Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point. The country’s biggest banks raised their prime rates after the Bank of Canada hiked its overnight lending rate Wednesday by a quarter of a percentage point to...
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Canada’s mortgage changes could hurt overall economy

The January 1 changes to Canada’s mortgage industry will remove up to 50,000 homebuyers from the market and threaten the entire economy, mortgage brokers warn. In a report prepared by its chief economist, Will Dunning, Mortgage Professionals Canada (MPC) estimates that 18% of buyers will fail the new mortgage stress test, which requires that all homebuyers...
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