By Rosa Saba “We expect headline inflation to fall below the bank’s 2% target in September,” said Shelly Kaushik, an economist at BMO. Kaushik said she expects annual headline inflation to cool to 1.8%, largely thanks to last month’s drop in gasoline prices, but added that as pump prices increased in October, the overall figure … Read more
Yesterday, the Reserve Bank took the decision to cut the official cash rate (OCR) by 50 basis points, bringing it down to 4.75%. But what does this mean for you, as a homeowner or someone looking to buy? Let’s break it down. Why was OCR removed? The Reserve Bank reduces the OCR when it wants … Read more
Overview of the Canadian Banking SystemThe Canadian banking system is dominated by a few large banks – these are often referred to as the “Big Five”. These banks include the Royal Bank of Canada (RBC), the Toronto-Dominion Bank (TD), the Bank of Nova Scotia (Scotiabank), the Bank of Montreal (BMO), and the Canadian Imperial Bank … Read more