Share Last week, I gave you some tips on mortgage calculators to use to determine how much money you could save if you break your mortgage and try to get one with a lower interest rate. This week, to continue the discussion, I’ll provide you with some online calculators that can help you find the [...]
Share While there is no evidence that Canada is experiencing a housing bubble, there is plenty of evidence that Canadians are developing a greater and greater debt burden. A recent Vanier Institute of the Family study suggests that the debt-to-income ratio for households in Canada is at 145%. This is the highest it has ever [...]
Share Are you thinking of breaking your mortgage? With interest rates as low as they are and expected to go higher, this might be your last chance for a long time. But you don’t want to do it if it’ll cause you to pay more in penalties. I’ve already given you an idea of a [...]
Share Has this happened to you? After hearing about the great new low interest rates, you decide to refinance your mortgage to the lower rate. However, when you go into your bank to make the changes, your bank’s financial advisor tells you that you are on the hook for some very expensive penalties if you [...]
Share With the new rules announced by Finance Minister Jim Flaherty we could have thousands of home buyers, especially, the young, first time home buyer finding it harder to acquire their dream house. The new rules are expected to go into effect as of April 19th, and mean that borrowers must have higher incomes or [...]
Share As was expected last week, Jim Flaherty has unveiled some new mortgage rules to help counter the fears that Canada may be experiencing a housing bubble. The rules do not change the basics of mortgage lending very much: consumers still have to produce 5% of the property’s cost for the down payment, and the [...]
Share Canada’s real estate market is finding its balance; with a surge in new listings in November, it has helped ease the supply shortage and prices from a month earlier, easing fears of a bubble in the making, although the rebound in the market continued. Economists have been looking for exactly this because a stead [...]
