Joint Ownership in Cottage Country Becoming More Popular
Canadians love their cottages, but with the national average price for a cottage mortgage being between $100,000 and $1 million, they don’t come cheap. So how is a homeowner who’s already paying one mortgage on their full-time home, supposed to pay another mortgage that’s possibly even more expensive – all for a home that they won’t use nearly as often? Well, Canadians are a creative bunch, and more and more are turning to joint cottage ownership,
Read moreThe Mysterious Vancouver Housing Bubble
The fact that Vancouver is currently in the midst of a housing bubble is very much un-mysterious. House prices are up 21% over the last year and 188% over the last decade. The average house in Vancouver is 11.1 times the average annual income, double the national average. The mystery lies in what the driving…
Read moreHow affordable is housing in Canada anyway?
With the pricing for basic necessities like gas and food on the rise, it is no surprise that people are more conscious of how they spend their money. As a result, the average person is even more hesitant with regard to housing and the plausibility of making a purchase that requires such a sizable investment. Staying abreast…
Read moreAverage Household Debt-To-Income Ratio at 150% Even as Credit Card Debt Falls
Average Canadian household debt stands at a record $100,000 and the savings rate has plummeted to 4.2%. But surprisingly, credit card debt in the last quarter of 2010 was down 2.7%, with many Canadians using lines of credit to pay off their credit card balance.
Read moreShorter Mortgage Amortization Keeps Canadians’ Best Interests in Mind
The recent announcement by the Canadian government to reduce the mortgage amortization period from 35 years to 30 years is aimed at lowering the risk of a housing market bubble.
Read moreCanadians Have Ratcheted Up More Debt Than Americans
Canadians’ household debt has surpassed American levels, with the government looking at ways to cool off the housing market.
Read moreCanadians Opting for Longer Mortgage Amortization Periods
Latest CAAMP report suggests that Canadians are choosing longer mortgage amortization periods but do not believe that this will affect their retirement plans.
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