Did You Know? The average Canadian owes $23,000 in consumer debt and has at least 2 credit cards. Source: CBC.ca If you live paycheque to paycheque, the idea of somehow having enough money to invest and eventually have financial freedom seems about the furthest thing possible. But experts in financial education like to point out, [...]
BREAKING NEWS! The Government of Canada eases the Stress Test rules for insured mortgages – effective April 6, 2020 READ THE FULL ARTICLE HERE! BREAKING NEWS!!
When it comes to our debt, it may seem very difficult to pay it off. Equifax Canada, which provides consumer credit bureau information, reported that in the second quarter of 2017, non-mortgage debt has risen 3.3 percent. This is already a problem as many people throughout Canada are already struggling to make ends meet. [...]
In today’s market, there is an ever increasing worry about the price of homes. Getting a home is looking to be more expensive and many first-time buyers are worrying about making the big purchase. The question of whether it is better to try and buy something now or wait it out and remain a [...]
When we deal with our mortgages, there are three terms that we all come across: prepayment, portability, and assumability. They look like words we recognize, but in the finance world, they’re different than what you might think. So let’s go over them. Prepayments A prepayment is the payment of a bill or expense that [...]
The new mortgage stress test is unnecessary and harmful. With additional mortgage regulations on the horizon it is more important than ever to deal with a mortgage broker who understands the industry and can help you make the right financial decision for your mortgage needs. If you are considering refinancing your mortgage to access [...]
The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising Canadian dollar and sluggish inflation.Policy makers raised their benchmark rate for a second time since July, by 25 basis points to 1 [...]
Yikes! Most of us will cringe at the idea of rising interest rates and their effect on our ability to afford the mortgage payments that some Canadians are already struggling to make. Our homes are the single biggest financial investment that most of us will ever make. For the first time since July 2015, [...]
If you have yet to purchase your first home, or if you’ve considered selling your home and finding something new, taking a look at the market and finding something in your price range can be tricky. Feeling overwhelmed? You’re not alone. Many cities all across Canada are experiencing the same thing – rising house [...]
Congratulations! You are now the proud owner of a new home! You also likely own a rather intimidating mortgage as well. That debt may seem like a daunting mountain you’ll be chipping away at for years, but you could actually pay it off faster than you realize. Here are five hot tips from mortgage-handling [...]
