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Housing Bubble?

CTV reported that Minister Flaherty stated he would act again if needed to cool an over heated market.  For most Canadians this could translate in to stiffer rules when applying for home financing.  For most existing home owners changes would only have an impact if they choose to purchase a new home, refinance their existing mortgage, or at renewal time. When the United States had the market ...

Are rates going up? or down?

Everybody has been seeing the interest rate of late going up but are the rates increase here to stay? The biggest question I get asked is what are the interest going to do in the next 5 years.  Well If I knew the answer I would be a very rich man.  But there are signs in the market that gives us indication on what the rates may do. The word from USA was that the government was not going ...

Love your shoes Love your mortgage

I have three beautiful ladies, my two daughters and my wife  that live with me and one thing about my ladies is that they love their shoes. When I was shopping with them,  buying shoes of course, they mentioned they were looking to buy their  20 minute shoes. What the heck is that? I had to ask. My daughters and my wife explained this way: The 20 Minute Shoes, are shoes that are ...

Are you afraid of Debt?

The better question should be, who is not afraid of Debt ? After all, we would all like to be in the situation where your mortgage, your car loans or any credit debt is paid off.  This scenario may not be realistic for most of us. I know that it is not realistic for me. However learning to live with your debts is a more reasonable goal to achieve.   Having a plan that allows you to see ...

What will a rate increase mean for you?

With the recent interest rate increase mainstream media has published doom and gloom scenarios about what will happen to the average Canadian home owner.  In a recent article in the Globe and Mail the headline read: "Sink or swim: How will you cope with higher mortgage payments?" We all know that bad news sells.  For most people looking at their personal finances a large jump in mortgage ...

Rates on the rise?

We were promised increases in mortgage rates and it appears we were not let down.  Current Mortgage Rates as at Tuesday August 20th - Prime Rate for Variables is still 3.00% Please note that rate discounts may be available for quick closings (30 to 60 days) 4 Year Fixed: 3.29% 5 Year Fixed: 3.59% 10 Year Fixed: 4.19% Variable 5 Year: Prime -.4% (2.60%) Bank of Canada Benchmark Rate: ...

Canadians Losing Money on their Mortgages

For most Canadians when shopping for a mortgage the simple solution is to walk through the doors of your local bank or credit union branch.  It seems to be that old saying "better the devil you know" is true.  We believe that the bank, trust company or credit union that we have been dealing with for years is the best place to be. In fact in 2012 a whopping 72% of people did just that ...

Canada’s Rental Vacancy Rate Increases

Press Release from CMHC below.  For the full release and graphs please visit: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2013/2013-06-20-0815.cfm OTTAWA, June 20, 2013 — The average rental apartment vacancy rate in Canada's 35 major centres1 increased to 2.7 per cent in April 2013, from 2.3 per cent in April 2012, according to the spring Rental Market Survey2 released today by Canada ...

Should you take the largest mortgage possible?

Be it at the home purchase stage which means making the smallest down payment possible, or refinancing and taking out the maximum amount of equity, many Canadian today believe that they should have the largest possible mortgage. It seems that gone are the days of working to retire debt free, and to own your home out-right.  It is this exact reason that the government has restricted the rules ...

The CENTUM Solution

Understanding how your mortgage can affect your long term finances is an important part of being a home owner.  Things like taxes, interest rates, pre-payment options, and other hidden costs tied to home ownership can have a direct, and lasting, impact on your ability to achieve your financial goals. Canadians have enjoyed years of low interest rates and this ability to borrow funds cheaply ...
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