The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers. The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution … Read more
Toronto An Ontario court has approved a sales process and stalking horse bid for Red Lobster Canada, which is operating under court protection from creditors. Court filings say move meant to ‘preserve’ restaurant’s business in Canada and 2,000 workers’ jobs The Canadian Press · Posted: Jun 18, 2024 5:24 PM EDT | Last Updated: 3 … Read more
Mortgage debt grew at its slowest pace in 23 years in February, amid high borrowing costs and reservations related to the Bank of Canada’s key interest rate — but the slowdown likely won’t last, according to Canada’s housing agency. Canadian mortgage debt totalled $2.16 trillion that month, up 3.4 per cent from the same period last year — a historically low … Read more
After a delay of nearly seven years, lenders of Amtek Auto’s listed subsidiary Metalysts Forgings are likely to recover part of their dues, as the bankruptcy court has approved the company’s acquisition. The Mumbai bench of the National Company Law Tribunal (NCLT) has given its nod to Metalyst Forgings’ acquisition by Deccan Value Investors LP-led … Read more
The Trudeau government is promising $9 billion in new cash for Indigenous communities over the next five years, a smaller spend than some past budgets but one the government says builds on past investments and maintains an upward trend. The plan sparked mixed reviews from Indigenous leaders, with some immediately panning it as a failure and others … Read more
Nikkie Miranda feels stuck and frustrated, weighing what she’ll have to sacrifice when her rent increases again this winter. Three years ago, when she moved into a two-storey, three-bedroom semi-detached home in southwest Edmonton, Miranda paid $1,650 per month in rent. Her rent later increased to $1,800 and will go up again to $1,950 when … Read more
