Nobody likes to spend more for their daily expenses, so last week’s news of the 3.7% inflation rate was not well received. According to Statistics Canada, it was the largest annual spike since October 1987. A lot of attention has been paid to the rising costs of food or used cars, as well as in…
Zero down mortgages in Canada are the kind that one typically associates with the reckless housing market that gripped the U.S. around 2005 – 5% cash down and get 3% back; or, even wilder, put down nothing at all. So when these products — and others like them — started popping up in the normally…
If we thought credit card debt was always a difficult issue amongst Canadians, there is now an even bigger problem: mortgage debt. Claims suggest homebuyers have pushed new mortgages to unprecedented levels, according to a new report from Equifax Canada. “Much of the growth in consumer debt, which stands at $2.08 trillion, up 4.78% from Q1…
The Bank of Canada took a step towards easing pandemic stimulus — the biggest yet by a major economy! Not only did it say it would reduce purchases of government debt (which was expected), it also brought forward its timeline for a possible rate hike. Previously, the Bank had forecast that slack in the economy…
Canada’s accumulated mortgage debt in 2020 was equivalent to a significant portion of its gross domestic product, according to the central bank. Figures from the Bank of Canada showed that outstanding mortgage credit increased by $111.12 billion in the 12 months ending January 2021, representing “more than 5% of GDP at the annual rate,” said real estate…
Homebuyers and homeowners rushed to join the party when the pandemic produced some of the cheapest mortgages in Canadian history. Extremely low interest rates, fewer home listings and high demand fuelled sales. As a result, over half a million homes homes changed hands in 2020, according to the Canadian Real Estate Association. But now, 5…
Most people experience a point in their lives when they need access to a large amount of cash, whether it be for a major purchase, home renovation, investment or an emergency. When you don’t have the funds on hand, you can always access the equity in your home through a cash-out mortgage refinance. As the value…
We are now at the beginning of March, and the new mortgage rules are seeing their effects on potential future homeowners, especially younger people with lower income than baby boomers. These mortgage rules, however, should not completely stop you from going after your dreams! There are still ways to figure out a home purchase, without…
It has been a while since we have touched back on this topic, and given summer is a season where many transactions take place in the real estate market, we thought it could be a good idea to remind upcoming homebuyers of the process behind a future purchase. A mortgage…
With our heads swimming in financial duties and responsibilities, sometimes it can be hard to prioritize. The deadline to make contributions to your registered retirement savings plan (RRSP) for Canadians is March 3rd. The Globe and Mail puts forth the question, “Should you be contributing to a RRSP before you pay off your mortgage?” The…
