Delinquencies set to rise in face of COVID-19: TransUnion
Home prices across Canada expected to drop
The surge in unemployment among low-income earners, a sharp drop in immigration and tourism, and decreased demand for short-term rentals are contributing to higher vacancy rates in some of Canada’s biggest cities, which is driving rental prices lower, according to Capital Economics’ Senior Canada Economist Stephen Brown. That poses a “big risk to house prices,” he said in note to clients Thursday. Earlier in the week, the Canada Mortgage and Housing Corporation announced it is considering scaling back mortgage underwriting practices due to the threat of significant declines in real estate prices. The federal housing agency forecasts a decline in average prices of nine to 18 per cent over the next year.
COVID-19 pandemic causes credit concerns for some Canadians
According to a report by TransUnion, eight per cent of consumers who use credit already had a history of missing payments and are generally only able to make the minimum payment each month. With job loses skyrocketing during the pandemic, many Canadians are struggling to afford the basics, let alone stay on top of their credit. CTV's Chief Financial Commentator Pattie Lovett-Reid discusses how delinquencies will be impacted by the pandemic and how much longer some Canadians can hold on.
Ask BNN Bloomberg: Should I apply for CERB or CESB if I’m a student?
Many students are facing the tough decision of applying for the Canadian Emergency Response Benefit or the Canada Emergency Student Benefit. Teressa in Surrey, B.C. is a single, self-employed mother who is taking university courses and needs to decide which benefit would be best to provide for her family. Melissa Leong, financial speaker and author of 'Happy Go Money,' breaks down Teressa’s options.
COVID-19 relief brings flood of scammers
With billions of COVID-19 government relief dollars flowing and the revised June 1 tax filing deadline looming, the Canada Revenue Agency is warning about a rise in scams. It says seniors are most vulnerable. Personal Finance Columnist Dale Jackson outlines some of the red flags to watch for — and what steps you can take if you think are being targeted.
“Right now it is paramount that people sit down and take a look at not only all the different income supports that are available … but also do that line-by-line check on your expenses to see what can be eliminated and what can be reduced.”
-Preet Banerjee, founder of MoneyGaps
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