Interest in variable\u002Drate mortgages is rising as more Canadians bet that Bank of Canada interest rates have peaked. Read more
RBC economists Claire Fan and Carrie Freestone say rates are already at levels most central banks consider “restrictive” — in other words high enough toThe impact of higher borrowing costs will continue to apply the brakes to growth and RBC predicts the Bank of Canada will stay on hold as theThe labour market is also beginning to show weakness with job growth slipping lower in two of the past three months.
Inflation remains the wild card, however. Data last week for the United States showed signs inflation was cooling and tomorrow we get Canada’s latest reading on the consumer price index.Article contentto 2.8 per cent, putting it just within the Bank of Canada’s one to three per cent target range for the first time since the spring of 2021.
Economists at RBC expect inflation to tick slightly higher in July’s reading because of rising energy prices, but also expects the Bank of Canada to look beyond this volatility.RBC does not expect the Bank of Canada to begin cutting until the third quarter of 2024. It forecasts the rate will fall to 4.5 per cent in that quarter and four per cent in the final quarter of next year.
Cold comfort for Canadians facing mortgage renewal. A survey done for RATESDOTCA and BNN Bloomberg found 62 per cent of homeowners are concerned about higher payments when they renew, a 9 per cent increase from last year. And for good reason. If they renew this year or next some Canadians could see their mortgage rate double. A mortgage taken out at three per cent in 2018, would rise to 6.05 per cent if renewed this year, the highest in 16 years, said RATESDOTCA.Article content
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Posthaste: Canadians are taking on debt and reducing grocery expenses to travelA survey, which interviewed 2,000 Canadians, found that nearly half (about 48 per cent) have made cuts to their budget in order to afford a trip
Read more »
Canadians Describe Harrowing Scenes Escaping Fire-Devastated MauiCanadians returning from Maui have described the harrowing scenes they witnessed while escaping the fire-devastated Hawaiian island. British Columbia Supreme Court Justice Matthew Taylor, among the evacuees, compared the ruined town of Lahaina to a 'war zone'. At least 67 people have died in the wildfires, making it the deadliest natural disaster in Hawaii in decades. Taylor and his family experienced dangerous conditions even before the fire, with high winds causing damage and obstacles on their way to pick up groceries.
Read more »
English-speaking Canadians split on changing 'O Canada' lyrics to 'Our home on native land': surveyA recent survey conducted by Research Co. has revealed that English-speaking Canadians are divided over further “O Canada” revisions.
Read more »
Many Canadians continue to work despite mental health issuesNew study published by The Conference Board of Canada said many workers are influenced by the belief that feeling mentally unwell is not a good enough reason to call in sick
Read more »
AAVE Profit Calculator: Declining Interest and Whale ActivityThe AAVE profit calculator has been affected by the protocol's exposure to Curve's hack. Despite efforts to support the DeFi ecosystem, sentiment remains negative as trading activity and network activity for AAVE have dwindled since June. The decline in interest and whale activity has raised concerns about the protocol's trajectory.
Read more »
Canadian Spending Habits Showing Early Signs of Slowing, RBC Report FindsA recent report by RBC reveals that Canadian spending habits are starting to slow down, making it challenging to find the right investments for a First Home Savings Account (FHSA). Young Canadians are increasingly turning to FHSA, while experts suggest that spending on fun is difficult but not impossible. Additionally, a majority of parents express concerns about their children's financial future. Higher interest rates and costs are causing worries about debt and savings, and the Bank of Canada aims to provide growth and security to retirement portfolios. Northwest Territories plans to increase the minimum wage, and WonderFi's interim CEO discusses possible changes following a crypto merger. Canada Post and TD have ended the MyMoney loan program, and there is a battle between bank stocks and GICs for income. Government benefits have helped lower-income households cope with the rising cost of living, and CPA Canada reports that provincial organizations are severing ties due to governance disagreements. An expert predicts that fixed-rate mortgage borrowers won't be affected by interest rate shocks until 2025. Trip cancellation insurance is a decision that requires careful consideration, and a strategist suggests that interest rates may decrease during an economic slowdown. Lastly, there are eight costly misunderstandings about tax-free savings accounts that individuals should be aware of.
Read more »