The Office of the Superintendent of Financial Institutions Canada (OSFI) Mortgage Stress Test was introduced in 2018, when every Canadian buyer applying for mortgage from a federally-regulated lender were required to undergo it. This was applicable for even those who put down 20% or more as down payment. What is the Canadian Mortgage Stress…
2018 wasn’t a good year for the Canadian dollar as it fluctuated and ended at two steps up and one step down! One of the major reasons was the unpredictable trade talks between America and Canada, along with plummeting oil prices. But the Canadian Dollar is expected to make an exceptional comeback in 2019. …
People will often advise that the most lucrative way to clear debts is to consolidate them. Running up a debt is common these days, but you can pay it off, if you proceed systematically. Take a debt consolidation loan This type of loan gives you the money to pay off outstanding debts by bringing…
Has your credit score gone down sharply in the last year? Don’t worry because there are hundreds of Canadians who share your plight. What is done is done – no sense moping about it, so focus on rebuilding your credit and seeking better financial opportunities in the year 2019. How can you improve credit score…
Global trade uncertainty and lower-than-expected Canadian exports and business investments have prompted the Bank of Canada (BoC) to maintain the benchmark interest rate at 1.75% that has been the same since October, 2018. What could be the reason? The overnight interest rate, which is the rate that is used while lending money to consumer-facing…
