The Debt Ceiling Deal and Your Mortgage Rates
With the passing of a debt ceiling deal earlier this week, the US (and by association, Canada) has avoided the worst case scenario. Without any deal, as you’ve probably heard a million times over the last few weeks, the US credit rating would’ve been downgraded and mortgage rates across the continent would’ve been affected. Of…
Read moreSaving for a Home? Should You Use an RRSP or a TFSA?
When it comes time to start thinking about buying a home, you’ll hear a lot of talk about the Home Buyer’s Plan, an incentive program provided by the government through the RRSP. This plan, which has been around since the early 90s, allows future homebuyers to use their RRSP as a savings account, from which the funds can later be withdrawn and used as a down-payment on a future home. But, when you start speaking to mortgage brokers about financing your future home, you may hear of different options: one of these being TFSAs, or tax-free savings accounts.
Read moreHow Much Debt is Too Much?
Debt is rampant these days and it’s not that often that you hear of people who are completely debt-free. But when does debt become too much? Here are five signs that could be your own red flags to let you know that you’re accumulating too much debt.
Read moreWho Sets Mortgage Rates & How To Get the Best One
How are you supposed to get the best mortgage rate for you, or even have a ballpark figure in mind; and why are different lenders allowed to have such varying rates? Who sets the mortgage rates in Canada anyway?
Read moreHomeowners Prefer Renovating Bathrooms and Kitchens
A new BMO poll found that most Canadian homeowners (83 percent) will make renovations to their home over the next two years. The most interesting finding is that homeowners are shrewd investors who understand very well which renovations will add value to their home and which will be wasted money (at least from a value…
Read moreRBC Forecast Presents Some Interestings Facts, Predictions
RBC’s recently released housing forecast for Canada includes a number of interesting points about the Canadian housing market, both currently and moving forward: – An increase in interest rates over the next two years will cool Canada’s resale market and slow down home price growth, but won’t cause either to decrease below current levels. -Essentially,…
Read moreBoC Holds Prime Rate; What’s in Store for the Future?
To no one’s surprise, the Bank of Canada opted against an interest rate hike yesterday as it released its July statement. While alot has been made about the strong suggestions in the statement that a rate hike was imminent, there are some interesting points that suggest a more patient approach might be taken. First of…
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