Weekly dose of Vitamin M

This was an exciting week in the bond market due to many reasons. That excitement finally got translated into pricier bonds and lower yield. The banks were not able to withhold longer. The fixed rate interest rates are once again moving down. While some banks were still adjusting the rate from last weeks reduction, this week came another reduction from RBC. It is not sure if the recent RBC target cut has anything to do with it but RBC is seen to be leading the rate lowering bandwagon so far.

Bank of Canada did what it was widely expected to do. It stayed on the sideline for this time too. Some Economists reacted to BoC decision.

Now let us look at the headlines this week.

Mortgage and debt News:

1. Comparison shopping for mortgages is key to getting best rate – Globe and Mail
2. In a slowing market, banks fight over mortgages – Financial Post
3. When is it worth it to break your mortgage? – CTV
4. Total Debt Per Canadian Consumer Increased More Than $1,000 Last Year – TransUnion
5. Fixed or Variable – Poll
6. Housing rush scrutinized – Financial Post

Real-estate News:

1. Canadian Housing Market Stabilizing in 2011 – CMHC
2. Renting v. buying your home: an affordability check – Globe and Mail
3. Canada’s ritziest condo sells for record $28 million – Montreal Gazette
4. Seven homeowner costs renters don’t pay – Globe and Mail
5. Toronto sale up listing lower – TREB

Financial News:

1. TD Bank expects slower growth in second half of year on dip in consumer loans – The Canadian Press
2. Banks expect consumer pullback on credit cards – Financial Post
3. Greece’s crisis could torpedo Europe’s recovery – Washington Post
4. Canadian Economic Growth Quickens as Businesses Take Over From Households – Bloomberg
5. Scotiabank profit lifted by loan growth – Reuters
6. Ever higher resource prices not necessarily good for Canada, CIBC says – Digital Journal
7. CIBC, National Bank downgraded on earnings, outlook – Financial Post

Some International News:

1. No evidence of mortgage price fixing, says competition body – DutchNews.nl

Thanks for reading. Wish you have a good weekend.