Tag: Rate

What’s behind your mortgage rate

It looked like a puzzle: As the COVID-19 pandemic spread, central banks—including the Bank of Canada—quickly cut interest rates to cushion the blow. But rates on new mortgages didn’t decline much, and some actually went up. Why? Remember that your lender’s funding cost determines most of the mortgage rate. The cost of funding jumped in…

Alberta’s unemployment rate hit 13 per cent in April

Alberta’s unemployment rate skyrocketed in April after non-essential businesses were forced to close amid the COVID-19 pandemic. The province lost 243,800 jobs in April, bringing the unemployment rate to 13.4 per cent, up from 8.7 per cent in March, according to Statistics Canada’s Labour Force Survey released May 8. The only two provinces with higher…

Some banks offer reduced credit card interest rate for clients affected by virus

TORONTO – Several of Canada’s largest banks are offering reduced interest rates on personal credit cards for Canadians in financial hardship due to the COVID-19 pandemic. CIBC credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual interest rate of 10.99 per cent, the bank…

Canada added 30,300 jobs in February, unemployment rate 5.6 per cent

OTTAWA – The unemployment rate in Canada nudged up a tenth of a percentage point to 5.6 per cent as the economy added 30,300 net new jobs in February, Statistics Canada said Friday. The agency said the gain was led by Quebec, which posted its third consecutive month of job gains. Quebec saw its unemployment…