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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 ...

The Canadian Mortgage Myth

It is all over the news - That Canadians have debt levels that are skyrocketing, particularly when it come to home ownership and mortgages.  If you listen to what a lot of the pundits are saying it means that in the event of a softening of the real estate market most home owners will find themselves in a negative equity situation.  That constant barrage of negative news is a burden on the ...

Flashback to 1969... Is housing really more unaffordable today?

We keep hearing it on the news, from government, economists and banks... housing is more unaffordable today than it was for previous generations.  Is it really as much as people claim? We thought we would take a look and see at what the differences are. In 1969 the average household income was hovering at around $8000.00 per year.  Most were single income and if you made $10,000.00 a ...

March out like a lamb

A Good Indication of things to come According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged upward on a month-over-month basis in March 2013.  Year over year sales are down, but the slight trend northward is a good indicator that we may yet have a strong spring market. If you are thinking of listing your home for sale now is the time to ...

Beef with the Bank?

It has been all over the news this past week, Canadians across the country are outraged that our banks would outsource jobs to temporary workers and lay off people to do so.  Not only are people crying foul, but if rumours are true, many are closing their accounts with the big five and moving their business to Credit Unions and other smaller institutions. Some in the media have argued that it ...
Tags: Royal Bank RBC

Things are looking up!

Not a boom, but not a bust either According to an article in the Leader-Post StatsCan has reported that the economy had stronger growth than predicted in January. The growth was primarily driven by a stronger manufacturing sector but the arts, technology and other sectors also contributed to the results. This is a refreshing change from the consistent negative press that we have been reading about ...

HOW LOW IS TOO LOW?

The race to the bottom? There has been a lot of news about the Minister of Finance, Jim Flaherty, contacting lenders and asking that they stop offering consumers a discounted interest rate.  Flaherty is quoted as calling these offers a race to the bottom and the minister is expressing deep concerns about the high level of consumer debt.  The question on most peoples minds seems to be... ...
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