The economy is suffering worldwide in what now appears to be a global credit crisis however there is some good news in Canada which might make you feel a little better.
Yesterday it was reported that a survey by the World Economic Forum found Canada to have the soundest banking system in the world. On a list of 134 countries Canada was ranked number one. Click here if you would like to read the article now.
Also, last Friday's Globe & Mail reported that Canadian employers created a blockbuster 107,000 new jobs in September. Though most were part time, this blew away economist’s expectations of an increase in 8,000 new jobs.
Also in Canada, sales of new vehicles rose 1.7% last month compared with the same month a year ago.
In an effort to stave off a worldwide crisis, most of the worlds banks reduced their rates this week. The Bank of Canada reduced their overnight lending rate by a half a percentage point.
The new Prime lending rates charged by the banks are:
TD Canada Trust – 4.35%
CIBC – 4.35%
Scotiabank – 4.25%
RBC – 4.25%
BMO – 4.25%
It's good news if you’re have a variable rate mortgage. Contact me if you have questions.