Quote:
Originally Posted by kevman
It's a start... I'd still like to see the final 10bps. If the average debt of Canadians is $150,000 per household and there are approximately 10 million households that's $1.5x10^12 of loans on the books with Canadian banks. In that case that final .1% accounts for $1.5 billion/year extra revenue in the banks hands that was intended to be passed onto the consumers.
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A lot of people are on fixed rates. A lot of that debt is from non-mortgage sources that are also not variable.