Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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How to Improve Your Credit Score – Student Edition + MORE Sep 15th
The new school year is in full swing and if you’re a university or college student, then you’ve probably already settled comfortably into your new routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit.
But.... More »
Mortgage borrowing slides to lowest since 2014 + MORE Jun 14th
Canadian mortgage borrowing over the first three months of 2018 fell by $2 billion to $13.7 billion — the lowest level since 2014 — following the introduction of new lending rules and a rise in interest rates..... More »
Rate Hike Expectations Grow, But How Long Will Higher Rates Last? + MORE Apr 10th
As fixed mortgage rates continued to rise last week, variable-rate holders are expected to see their own increase next week..... More »
Moving this summer? Don’t overlook these costs Jun 20th
There’s more to a real estate transaction than a mortgage..... More »
Latest in mortgage news: OSFI head applauds lenders’ efforts to shorten amortization lengths + MORE Apr 3rd
OSFI says it is encouraged by the progress Canadian lenders have made in reducing amortization lengths of the mortgages within their portfolios..... More »
Retirement planning in a second marriage
– moneysense.ca
Q: My fiancé and I are both in our mid-50s and own a new home in Vancouver with no mortgage. We are planning for retirement. I have a defined government pension plan currently at $100,000 and an RRSP with a $150,000 market value.
My fiancé does not have a pension plan, but has $450,000 in an RRSP.
We both owned a home separately before and the net proceeds from the sale of both homes is $750,000.
Should I retire now or wait until I qualify for full pension in 2021 when my fiancé retires?
What is your investment strategy recommendation for the $750,000?
—Tina
A: It sounds like you and your fiancé are in a good position as a potential early retirement approaches, Tina. A red-hot Vancouver housing market has no doubt helped.
One thing I will question is the value of your government pension plan. Is it a $100,000 per year pension? That seems like a high pension for someone in their mid-50s to have earned, especially given that you have a decent RRSP next-egg so likely weren’t in the pension your whole career…
Q3 2016 Bank Earnings – Mortgage Morsels
– canadianmortgagetrends.com
Another bank earnings season has just wrapped up, giving us insight into how Canada’s Big 6 banks are monitoring and reacting to housing market risks, most notably runaway prices in Toronto and Vancouver. Here’s some of what we learned from Big Banks’ third-quarter reports: While credit card and personal lending delinquencies are rising, particularly in oil-producing provinces, loss rates on uninsured mortgage and HELOCs remain low and stable overall. During the conference calls, a number of analysts openly pondered whether moderating growth in the banks’ mortgage portfolios may actually be prudent, given current market conditions. There are clear signs of an industry-wide move towards READ MORE
