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04.03.2023 / 19:25

Canada’s banks brace for possible wave of loan defaults. Why that matters

Canada’s biggest banks saw the country’s major lenders move in lockstep ahead of a projected economic downturn, with each putting more money away for a possible rise in credit losses.Experts say the more expensive cost of borrowing in Canada and the possibility of job losses could catch up to households and push a growing number into default, though some believe the worst of the debt pain is likely at least a year away.Canada’s big six banks — TD Bank, RBC, BMO, Scotiabank, CIBC and National Bank — all reported earnings for their first fiscal quarters this week, with similar-sounding results. All reported a dip in profits as they put more money aside to handle credit losses.

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Rate cuts could come by June 2024 — but government spending will play a role: CIBC

Reining in government spending could take some of the pressure off the Bank of Canada in tamping down inflation and help limit pain for debt-ridden Canadians, according to a new report from CIBC.

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Renters might soon feel the pain as their landlords post losses. Here’s why

real estate investors might ratchet up the pain in the rental market in the coming years.The report, released Monday from CIBC and Urbanation, shows that for a majority of real estate investors in the Greater Toronto Area (GTA), the business case for their rental properties is falling apart.

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Canada’s banks are guarding against bad loans. What this means for your money

Nestled in the balance sheets of Canada’s biggest banks are fears that the economy is set for a rough patch that could see more Canadians defaulting on their loans.

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Not all Canadians feel the pain of interest rate hikes. Here’s why that might change

interest rates today, efforts to get inflation back to manageable levels could leave some debt and mortgage holders feeling the pain for years to come.The Bank of Canada is widely expected to raise its benchmark interest rate again on Wednesday, marking the fifth time it would have raised the cost of borrowing so far this year in an attempt to cool the economy and tamp down rampant levels of inflation. Bank of Canada expected to raise key interest rate again as inflation persists CIBC deputy chief economist Benjamin Tal argues that thanks to the structure of Canadian household debt, the direct impact of rising interest rates is currently limited to roughly one in four debt holders, largely focused around homeowners with certain kinds of mortgages.“When people hear about higher interest rates, they assume that everybody will be paying more.

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Bank of Canada expected to raise key interest rate to 2.25% as inflation soars

Bank of Canada will make its key interest rate announcement this morning as inflation remains well above its target.Most economists are forecasting the central bank will raise interest rates by three-quarters of a percentage point, bringing its key rate to 2.25 per cent.

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How a 93-year-old B.C. senior lost $8,900 after falling victim to ‘grandson scam’

Consumer Matters.The fraudster instructed Rice to withdraw $8,900 in cash and to tell bank staff the funds were needed for renovations.Rice said a staff member at the CIBC where she has been banking since the 1970’s suggested a bank draft, but Rice said the con artist had convinced her cash was the only option.She had a $1,000 limit at the ATM but bank staff eventually raised her limit so she could withdraw the funds, Rice explained.“I really didn’t know how to withdraw from the ATM machine and she did it for me,” said Rice. WestJet Vacations customer endures long battle getting refund after COVID cancellation The fraudster eventually arrived at Rice’s door where he took off with thousands of dollars of Rice’s money.“I feel so bad being taken by these people,” she said.Rice’s daughter, Jo, says the bank should have asked her mom more questions.

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How a B.C. airline passenger refused a travel voucher on a cancelled flight and got her money back

Frustrated customers continue to demand refunds from airlines That marked the beginning of her battle. Barger says she reached out to Sunwing Vacations repeatedly requesting a refund, but got nowhere.She had purchased her vacation with her CIBC Visa card so Barger pursued an internal chargeback with her credit card.“That went on from March until July and it failed.

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Coronavirus: Canadian banks offer reduced credit card interest rates

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.

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Crowded lineup outside downtown Edmonton CIBC branch despite social distancing rules

Despite repeated requests from the provincial government for Albertans to follow social distancing rules to prevent the spread of COVID-19, a large crowd lined up outside of a downtown Edmonton CIBC branch Wednesday.

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Coronavirus: Canada’s big banks to allow mortgage payment deferrals

Canada’s big six banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic.

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