A first-time homeowner and newbie investor, Penelope Graham is the quintessential millennial, navigating the world of personal finance and wealth management. A self-professed monetary policy nerd, she follows the often-controversial housing market closely and specializes in mortgage, credit card and personal finance news.
Buying a home? Savvy mortgage shoppers know comparing the market for the best rate is a great way to score a better deal on home financing. But a truly great rate includes more than just the cheapest pricing. Check out these essential mortgage features – and ask for them by name.
Are you planning to buy a home? You’ll need to shell out for at least part of your purchase up front. Saving for a down payment is an important part of the home buying process – and the size of your down payment can even impact how much of a mortgage you qualify for.
Wish you could fly for free this March break? The low loonie may be keeping many Canadians north of the border, but you don’t have to settle for a staycation. Check out our infographic for tips on maxing your travel rewards.
Are you experiencing the great Canadian date night downturn? 68% of Canadian parents say finding time -and the cash – for romance is a challenge. Read on for our top tips for affording date night – without busting your budget.
Did you know: The cost of love in Canada is on the rise? RATESDOTCA’s 2016 study finds the grand total to come to $61,821.60 – pretty heartbreaking! Read on for the true love totals – and how you can stick to your achy-breaky budget.
There has been no change from the Bank of Canada in today’s announcement, despite a lagging economy and weak loonie. How will consumers be affected? Read on to find out.
News of a U.S. rate hike could lead to investors selling off their bonds, which will in turn hike fixed rates there, and in Canada.
Half of Canadians are struggling with the Terrible Money Twos – the inability to afford both real estate in their region and starting a family. Read on for the full story.
When it comes to choosing a credit card, what offers the best value: a mile, a point, or cash back? RATESDOTCA has taken the guesswork out of picking your plastic with the 2015 edition of the Best of Finance Awards! Read on to see the best credit cards in Canada!
Introducing the best bank accounts in Canada 2015! RATESDOTCA has released the rankings from their annual Best of Finance awards – read on to learn more about the best savings accounts, chequing accounts and GICs.
Some of the new RBC bank fees, which were slated to launch in June, will be reversed, the lender announced today. The bank changed its stance on fees due to intense consumer backlash regarding “pay to pay” charges. Here’s what consumers should know.
Attention Canadian banking customers – you could find yourself paying higher fees to use your chequing and savings accounts. Each of the nation’s “Big Five” banks have hiked their banking fees, or are set to over the coming weeks. Here’s what you need to know.
BREAKING: BMO’s at it again! The lender has introduced a 2.79% 5-year fixed – the lowest rate historically offered for this term from one of Canada’s nationally-regulated big banks.
The Bank of Canada has maintained the Overnight Lending rate at 0.75%, with no additional cuts to Prime in store. Here’s how this could affect your mortgage.
How does your credit card balance compare to other Canadians? Our Credit Card Debt Denial study finds that 27.4% of cardholders incorrectly think their balance is within the national average.
Are you wining and dining with that special someone? Why not earn some rewards? We’ve rounded up the top rewards credit cards to use when dating – we think you’ll love them.
The Bank of Canada has cut the Prime rate to 0.75% from 1%. What does this mean for your mortgage rate and the economy?
This week in Housing Headlines: A 2015 central rate rise isn’t such a sure thing these days – oil’s slide has mortgage pundits revising their forecasts for the year. Meanwhile, homeowner optimism takes a nosedive. Could the housing market’s bull run finally be out of steam?
What are the best bank accounts in Canada? We’ve ranked the highest earning no-fee options for high interest savings, chequing and GICs – check out RATESDOTCA’s top picks!
2014 may be drawing to a close, but speculation regarding this year’s mortgage market is far from over. Economists and home buyers alike are waiting with bated breath to see if 2015 will usher in change for borrowing costs and the housing market.
INFOGRAPHIC: It’s been a very eventful year, as lenders continued to compete with record-low offerings – a silver lining as the overall affordability of housing dwindled in our nation’s biggest markets – all while speculation raged that central rates would rise at any moment. Catch up on the action with our annual Mortgage Moments of 2014!
Canada’s housing market is overvalued within a range of 10 – 30%, according to the Bank of Canada. What does this mean for homeowners and the overall economy?
Want to save money this holiday season (no that’s not a trick question)? Save big and earn HUGE rewards this year with the best credit card out there – and you can find the very best with RATESDOTCA’s Ultimate Credit Card Rewards Calculator! Check it out and see what you could be earning.
Changes to credit card interchange fees – a cost carried by retailers and passed along to consumers – were made public today. How will this affect Canadian businesses, consumers and your credit card? Read on for the full story.
What’s the perfect mortgage shopping mix? RATESDOTCA's Mortgage Shopping Survey finds mortgage seekers greatly value the advice of mortgage brokers in addition to finding the lowest rate.
How often should you make a mortgage payment? The most traditional method is to pay your mortgage monthly – but you have options. Read on to learn more, and to see how shaking up your payment frequency can help you save money!
Should college students carry credit cards? An American study finds more millennials are choosing not to have one. This seems responsible – but are they hurting their own credit histories? Read on for the 5 golden rules of student credit card use.
MBNA cardholders are in for some changes this September, as the system moves over to TDs. While cardholders will keep their original card, there are some changes to be aware of. Read on for the full low down.
Canadians may be a loyal bunch when it comes to the “Big 5” lenders – but even the most dedicated consumer would switch banks for significant savings. A recent survey conducted by RATESDOTCA, Canada’s comprehensive rate comparison site, found 84% of consumers would consider a switch – as long as they’d save an average of $644.43.
While a pristine credit score can qualify you for plusher rewards and a higher limit, there isn’t much wiggle room when it comes to paying interest.
On June 16, CIBC completed the transitional sale of 550,000 of its Aeroplan credit card customers to TD. Now, one month later, many customers are still experiencing issues as a result of the switch. MoneyWise has asked some of the most pressing questions on behalf of cardholders.
Scotiabank is the latest larger lender to jump into the mortgage rate war frenzy, unveiling a 2.97% rate for 5-year fixed mortgages. This special rate is available until June 7, and comes with prepayment privileges and other features.
It seems hardly a week goes by this spring without a new announcement from Canada Mortgage and Housing Corporation – another slew of changes were announced today, targeting multi-unit developers and low-ratio mortgage borrowers.
Investors Group is making headlines with its 1.99% 3 year variable mortgage rate – the lowest seen this season. How much would you save with this rate? Check out our breakdown of the available features and savings.
Huge sign up bonuses are the latest favoured incentive used by credit card companies to tempt new signups. But do these travel cards truly offer great value? The BMO World Elite MasterCard wins across the board with big sign up perks, travel insurance, and everyday value. Check out our review.
Attention home buyers: A new round of restrictions has been proposed for the insurers of high-ratio mortgages. Called OSFI B21, they could impact your ability to buy. Here’s what you need to know.
ING Direct will officially change its name to Tangerine on April 8 as part of their acquisition deal with Scotiabank. Are you an ING consumer wondering what’s in store for your bank account and mortgage? ING Canada CEO Peter Aceto chats with Money Wise about what you can expect.
Variable mortgage rates have been at bargain lows for the long term – but a new study from BMO suggests locking into a fixed rate provides better value over the course of a mortgage for homeowners.
What is the cost of love in Canada? From wooing to weddings, Canadian can expect to shell out $45,151.99 on romance. Check out RATESDOTCA’s break down of the costs associated with one year of dating, a one-year engagement, topped off with a wedding.
As tax season kicks off, consumers should watch out for phishing emails posing as official CRA communication.
What are the best savings accounts in Canada? Check out RATESDOTCA’s Best of Finance rankings to see which accounts will earn the highest interest on your savings.
RBC lowered several of its fixed mortgage rate offerings over the weekend by 10 basis points each. What economic factors have contributed to the rate drop, and could it mean a better deal on your own mortgage rate?
Luxurious lounges, cash prizes and free gift cards – these are all swanky holiday perks offered to cardholders this year. Does your plastic make you a VIP? Check out our roundup of the best credit card holiday rewards.
Oaken Financial is a new GIC and savings brand introduced by Home Trust. Here’s a breakdown of the new brand’s investing services, interest rates, and the impact on current and new investors.
Anyone can find themselves with debt – even if you believe you’re responsible with money. Editor Penelope shares her story of how she fell into the debt hole – and the steps she’s taking to fix her credit score
Globe and Mail personal finance columnist Rob Carrick answers questions about how post-secondary students can manage their finances effectively.
Rob Ford’s admissions of illegal drug use, criminal associations, and numerous PR bumblings have resulted in plenty of embarrassment for Toronto, but the latest headlines reveal the scandal is costing the city more than its pride.
The Bank of Canada released the latest rate announcement Wednesday, but did not include a future rate movement forecast for the first time since April 2012.
A 15% car insurance discount will be rolled out over the next 2 years for Ontario drivers. Here’s what you need to know about the change, and steps to take to get even lower premiums.
This summer’s Calgary flood insurance claims are the most expensive in Canada’s history at $1.7 billion, and many homeowners were denied payments due to insufficient coverage.
A new agreement has been reached between CIBC, TD and Aimia over the issue of Aeroplan credit cards. How will this affect current consumers and how can credit card clients take advantage of new rewards options?
There’s never been a better time to trade in a card that’s slow to earn rewards points and hard to redeem them.
Jet setting away for a long-awaited vacation? Don’t leave for the airport without the right travel insurance. Did you know that becoming ill or injured while travelling can cost tens of thousands of dollars?
$566,585,415: That’s the potential economic contribution of same-sex weddings to Canada’s economy, according to the latest “Cost Of” study by RateSupermarket.ca.
CIBC has sold Mortgage Centre Canada, it’s mortgage broker franchise. This marks the lender’s complete exit from the broker channel.
A new BMO study shows Canadians spend an average of $95 on Father’s Day gifts. Looking to spoil Dad without breaking the bank? Check out these frugal gift ideas that’ll still make you Dad’s favourite.
You don’t have to rely on credit card use for great travel rewards. The BMO AIR MILES bank plan is the only chequing account in Canada that offers 1,000 AIR MILES for new signups – enough to take a short-haul flight, right away.
Meet Katie Kish, one of RATESDOTCA’s Get Out Of My House finalists!
Meet Ariel Chiu – one of RATESDOTCA’s Get Out Of My House finalists!
Meet our first Get Out Of My House celebrity guest judge – Daniel Fathers, host of Canada’s Greatest Know It All! Check out his take on the financial literacy challenges facing today’s young adults, and why independence starts with proper parenting.
PC Financial introduces a 2.6% high interest savings account as lenders compete for consumer deposit business. It’s a great opportunity for consumers to focus on their savings – but what are the economic forces behind the interest rate hike?
It has been a busy week indeed for five year fixed mortgage rates! As of press time, the lowest rate in Canada is 2.65%! Offered in Ontario, this is a full-featured mortgage with flexible prepayment options. What could you save with a record-breaking rate like this one? Read on to find out!
Looking for the best travel rewards? One of the best cards on the market for trip points is actually a charge card! Read on to learn more about the great features offered by the American Express Gold Rewards Card, and about the basics of charge card use.
The Marriott Rewards Premier Visa credit card is a great option for frequent international business travellers. Not only are all foreign exchange fees waived on this card, but it comes with 30,000 bonus points – enough for 5 free stays in Marriott hotels!
OSFI, the national bank regulator, has deemed six of Canada’s largest lenders as “too big to fail”. What does this mean for banking consumers – and what measures are being put in place to protect our banks in case of another national recession?
ATB is offering a 3% rate on their HELOCs – the lowest rate in Canada! Available in Alberta until May 31, this makes it more affordable for home owners to access their equity – but is it a good idea to take out a loan when national interest rates are low?
Manulife Bank of Canada lowered their rate to 2.89%, only to retract it due to Finance Minister Jim Flaherty’s urging.
BMO’s ultra hot 2.99% 5 year fixed mortgage rate is back! Available for high ratio mortgages, and featuring full service payment options, it looks to be a great deal – but is it in your best interest to lock in low when interest rates may rise?
RBC announced the discontinuation of newly acquired Ally Bank’s High Interest Online Savings accounts today. It’s the removal of one of the highest interest-earning accounts on the market.
The Home Buyers Plan allows first-time buyers to pull up to $25,000 from their RRSPs for their home’s down payment. It’s an option that opens doors for buyers otherwise shut out of the market – but are they worth the risk to your retirement plan?
We caught up with Gail Vaz-Oxlade, renowned personal finance author and host of popular TV series “Princess” and “Til Debt Do Us Part”. Read on for her take on the financial literacy information gap, why new earners struggle with finances, and how to get your kids started off on the right financial foot.
Here's why blogs are becoming such a valuable learning resource for financially minded Canadians.
We asked: Who are your personal finance favourites? And you absolutely answered! Read on to see who came out on top for personal finance blogs, books, news and more!
If you have poor credit (or no credit history at all!), it can be challenging to be approved for a traditional credit card. Secured credit cards offer an opportunity to rebuild a good credit score through good payment performance.
Is your credit card costing you more than it should? You could be paying thousands of dollars more in interest – simply because you’re using a card with the wrong features. Check out the best low interest cards on the market and see how they can help you pay down your debt.
Attention shoppers! Major shopping holidays Black Friday and Cyber Monday are fast approaching! Check out our ultimate shopping strategy tips to get the biggest savings. Fire up those shopping carts!
Using an insurance broker is the first step to getting the best coverage for your needs. Before you sign, though, ensure you understand exactly what kind of coverage you’ll get for your money – and whether there are any hidden limitations.
Scotiabank has purchased ING Bank of Canada, the largest online bank in the nation, in a deal totalling $3.126 billion. The sale, expected to close by December, is anticipated to result in a net investment for Scotia of $1.9 billion, and retail deposits of over $30 billion to the bank’s balance sheet.
Canadians love their perks – and the popularity of rewards credit cards proves it. Now, rewards debit cards are getting in on the action. Often the result of a retailer and lender partnership, these cards offer payback opportunities for every dollar spent.
Looking for new ways to stay active this summer? Whether you’re inspired by the Olympic spirit, or desperately trying to find a new way to occupy the kiddies, rec sports are a cheap and low-commitment way to try out something new.
Nothing like a record low mortgage rate to start the week! 5 Year Fixed has dropped AGAIN – this time to 2.88 per cent! Following last week’s vertigo-inducing activity, looks like we’re in for more record lows. But how long will they last?
Earlier this week, we couldn’t believe our eyes when we saw the already ground-level 5 year fixed mortgage rate drop to a record of 2.94% in Ontario. Taking into account the roller-coaster nature of these rates, we wondered: how long could this rate stay around?
Could the market be due for a 25 per cent crash? Today’s report by Capital Economics certainly points to that direction. Released just a day after RBC’s statement that Toronto – one of Canada’s biggest markets – is not in a bubble, today’s statement has economists and home buyers alike wondering: what’s in store for home prices?
In the second chapter of our Learn To Trade Stocks Online Series, we strive to find the perfect brokerage for our investment strategy needs. Who’s better – independent discount brokerages or the big bank offerings? What’s the deal with commission structures? And what kind of hidden fees could be lurking? We break it all down – the hunt is on!
Lights, camera – SAVE! It’s no secret that a night at the movies can burn a hole in your pocket – the price of popcorn alone is reason enough to check out a rental instead. But what if you could earn points toward free movies with every purchase you made?
In the first part of our Learn To Trade Stocks Online series, our investing newbie – Money Wise editor Penelope Graham – dives into the world of stocks and bonds via a practice account.
CIBC is the latest Big 5 lender to pull out of the mortgage broker business, announcing today that they are shutting down FirstLine Mortgages, once the largest mortgage brokerage in Canada. It’s a move that reflects tough times ahead for the broker channel sector.
For those of you looking for no-strings-attached spending, we’ve rounded up offerings from the big banks.
TORONTO, December 1, 2010 – RATESDOTCA, Canadian consumers’ go-to-website to compare and save money on personal finance products such as mortgage rates, credit cards and GIC rates, today announced it will supply bank and credit card recommendation data to Canadian users of Mint.com.
Following our HST study last week on the additional cost HST will add for Canadian home buyers and homeowners once it’s introduced on July 1st, we were featured last night on CTV’s evening news Consumer Alerts segment with Pat Foran.
I recently posted about the recent changes to Canada’s credit card regulations and how they’ve seemed to slip under the radar despite going into effect on January 1st, 2010. I phoned the Ministry of Finance and was told to wait for a response.
Ontario Teachers’ Pension Plan (OTPP), a private equity investor, has bought AIG United Guaranty, Canada’s 3rd largest default mortgage insurance provider.
The Toronto Star‘s Dana Flavelle, continued her reports on the Canadian credit cards industry with an article on reward and loyalty programs. Here are the most interesting facts from it: Collectively, there are 114 million active members of rewards programs in Canada, according to Colloquy, the market research arm of LoyaltyOne, the group that owns …