Canadian banks cut five-year mortgage rate
TORONTO — Canada’s biggest banks are lowering the rates for their five-year mortgages, the second reduction this month. RBC Royal Bank (TSX:RY) and TD Canada Trust (TSX:TD) say their posted rate for five-year mortgages will be reduced by 11 basis points to 5.99 per cent, effective Friday.
The other Canadian banks will likely make similar announcements. The posted rate for five-year mortgages at Canada’s major banks started the month at 6.25 per cent but was lowered by 15 basis points on May 11 along with a range of other cuts.
Number of ei recipients down for sixth month
OTTAWA — Statistics Canada reports 668,100 people received regular Employment Insurance benefits in March, down 24,200 from February.
It was their sixth straight monthly decline. The number of beneficiaries fell in most provinces, with the largest declines in Ontario, Quebec and Alberta. The agency says nearly half the increase in beneficiaries that occurred during the labour market downturn has been offset by declines since June 2009.