Banks need to improve service to keep customers: Ernst & Young
Although 75 per cent of Canadians surveyed say their trust in banks has stayed the same or has increased in the past 12 months, almost 64 per cent say they plan to switch banks or have already done so because of service quality issues, says an Ernst & Young report released Monday.
The rise and fall of mortgage rates
Research released by the Bank of Canada Thursday, not surprisingly suggests that Canada’s largest banks are slow to pass on cuts in the Bank of Canada’s policy interest rate.
Banks could raise HELOC interest rates
With a surprise drop in credit card debt over the holiday shopping season, lines of credit increased. Merix Financial speculates whether this could push banks to raise HELOC interest rates.
50% increase in households behind in mortgage payments
Average Canadian family debt has hit $100,000 and about 17,400 households were behind in their mortgage payments in fall 2010, an increase of nearly 50 per cent since the recession began, according to the Vanier Institute of the Family.
Brokers see uptick in house purchases
Climbing resale housing activity is the result of consumers trying getting a jump on mortgage rule changes being implemented by the federal government in March.
CMHC takes on its critics
In a rare move, Canada Mortgage and Housing Corporation responded directly to recent criticism about its role in Canada’s mortgage system.
BC, Alberta, Sask and Ontario most vulnerable to mortgage rate increases
Households in British Columbia, Alberta, Saskatchewan and Ontario are most vulnerable to interest rate increases or another economic slump, according to a new TD Economics’ Household Financial Vulnerability Index.
CREA: housing drop will be less severe
The Canadian Real Estate Association (CREA) has revised its 2011 forecast, following a stronger-than-expected rebound in sales during the second half of 2010.
Tight inventory levels grew house prices for last decade
Tight inventory levels enabled the last decade to be one of the healthiest for Canadian real estate, which will help maintain stability within the major centres for 2011, according to Re/Max.
Rising interest rates could trigger housing market collapse
Rising interest rates later this year could trigger Canada’s housing market to collapse, according to a new report by Capital Economics.