Purpose The purpose of this Advisory is to inform regulated entities of the federal government’s newly enacted Prohibition on the Purchase of Residential Property by Non-Canadians Act (“the Act”), which is set to come into force on January 1, 2023. Overview of Changes The Act prohibits individuals who are not Canadian citizens or permanent residents […]

What can homeowners expect to see as far as mortgage rates go in 2023? No one is escaping the pain of higher interest rates. If you were in a fixed or variable mortgage and up for renewal, it will be at higher rates than you are used to paying. I feel there will still be […]

Interest rates are headed up once again. The Bank of Canada announced it is hiking its trend-setting rate to 4.25 per cent — a rate that was just 0.25 per cent at the beginning of the year. As Emily Lazatin explains, this could have big impacts on any loans you may have. Check out our […]

The would-be buyer of a nearly $3 million home on Vancouver’s west side, who backed out of the purchase after learning B.C.’s foreign buyers tax would apply to her, has been ordered to forfeit her deposit. Hongxia Zhang agreed to purchase the home on West 4th Avenue in Vancouver’s West Point Grey neighbourhood in March […]

The Bank of Canada Hiked Rates The Full 50 BPS The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 4.25% and signalled that the Council would “consider whether the policy interest rate needs to rise further to bring supply and demand back into […]

With the recent inflation and rising prices occurring across the country, it is time to take control of your finances. One of the quickest ways to understand where your money is going and where you can make changes, is to create a monthly budget. This will help you get a snapshot of your income compared to […]

TORONTO–(BUSINESS WIRE)–Home Capital Group Inc. (“Home Capital” or the “Company”) (TSX: HCG) today announced that it has entered into a definitive agreement (the “Arrangement Agreement”) to be acquired by a wholly-owned subsidiary (the “Purchaser”) of Smith Financial Corporation (“SFC”), a company controlled by Stephen Smith. Under the terms of the Arrangement Agreement, subject to shareholder […]

In an increasingly complex world, the Financial Post should be the first place you look for answers. Our FP Answers initiative puts readers in the driver’s seat: you submit questions and our reporters find answers not just for you, but for all our readers. Today, we answer a question about the Bank of Canada‘s balance sheet. […]

Royal Bank of Canada has agreed to buy the Canadian arm of multinational bank HSBC for $13.5 billion in cash. RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base. “This also positions us as the bank of choice for commercial clients with international needs, newcomers […]

The holidays are coming up! As much as these celebrations bring us joy and harmony, they can also bring us stress. This is particularly true when it comes to your finances! However, don’t lose hope that this will be another draining year on your pocketbook. In fact, with a little planning, there are a few ways […]