by Ephraim Vecina Canadians’ purchasing power will continue deteriorating significantly, with the national unemployment rate most likely to settle at the double digits by year-end. The latest forecast by the federal government’s Parliamentary Budget Officer (PBO) warned that Canada’s unemployment levels are now in the red zone, and will peak during the third quarter of the year. With the rate at … Read More

by Nicola Brown Amid the global financial chaos of the past few weeks, Canada’s major banks have been making some big changes. For the second time in 2 weeks, the Bank of Canada slashed the prime rate by 50 basis points, bringing the total rate cut to a full percentage point lower than before the global COVID-19 pandemic. Like many homeowners, I … Read More

As the country continues to respond to the economic fallout caused by the COVID-19 pandemic, there has already been an “unprecedented” rise in Canadians looking to refinance their mortgages following the Bank of Canada’s latest emergency rate cut. On March 27, the Bank of Canada announced for the third time it would be cutting its key interest rates by half a … Read More

by Candyd Mendoza Aside from replenishing the national inventory, building new homes might also play a vital role in bringing the US economy back to health once the COVID-19 outbreak is contained. The National Association of Home Builders reported that building 1,000 average single-family homes creates 2,900 full-time jobs and generates approximately $110 million in taxes and fees, which the government … Read More

Doug Alexander, Bloomberg News Canada’s mortgage rates are creeping up — even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic. That’s due to the “enormous pressure” Canadian banks face amid disruptions caused by the outbreak, said Sherry Cooper, chief economist at Dominion Lending Centers. “The costs of funds for banks is skyrocketing and bank earnings … Read More