Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Are interest payments tax deductible? Aug 12th
Taxpayers may be eligible to claim a tax deduction for interest paid on a loan or mortgage. According to Canada Revenue Agency (CRA), “most interest you pay on money you borrow for investment purposes [can be deducted] but generally only if you use it to try to earn investment income.”
One commo.... More »
Does it make sense for a young person to have life insurance? + MORE Nov 24th
Buying life insurance in your 20s can feel like an added cost to an already long list of expenses. But experts say it can safeguard loved ones if life doesn’t go as planned.
Do young Canadians need life insurance?
There can be a “very high temporary insurance need” for younger Canadians,.... More »
Debt to household income ratio rises in third quarter, household net worth + MORE Dec 15th
OTTAWA _ The amount Canadians owe relative to their income hit a new high in the third quarter.
Statistics Canada said Thursday that household credit market debt as a proportion of household disposable income increased to 171.1 per cent, up from 170.1 per cent in the second quarter.
That means there.... More »
5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st
These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake.
.... More »
With mortgage rates back on the rise, two-thirds of Canadians plan to delay their home purchase + MORE Jun 9th
Over two thirds (68%) of Canadians say they plan to wait until mortgage rates drop before they decide to purchase a house..... More »
Annual pace of housing construction slips more than expected last month
– canadianbusiness.com
The annual pace of Canadian housing construction slipped more than expected last month as builders in Ontario broke ground on fewer new homes following changes in the province’s real estate rules.
The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts fell to 194,663 units in May, down from 213,498 in April.
Economists had expected the rate to come in at 205,000, according to Thomson Reuters.
Benjamin Reitzes, the Canadian rates and macro strategist at BMO Capital Markets, noted the pace of housing starts in Toronto fell 44.4 per cent compared with April.
“Don’t be surprised if activity remains subdued for at least a few more months as the housing market digests the changes,” Reitzes wrote in a report.
In April, the Ontario government announced 16 measures as part of an effort to cool the Toronto real estate market, including a tax on foreign buyers and expanded rent controls.
In May, the first full month following the changes, Toronto home sales fell 20…
The Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts fell to 194,663 units in May, down from 213,498 in April.
Economists had expected the rate to come in at 205,000, according to Thomson Reuters.
Benjamin Reitzes, the Canadian rates and macro strategist at BMO Capital Markets, noted the pace of housing starts in Toronto fell 44.4 per cent compared with April.
“Don’t be surprised if activity remains subdued for at least a few more months as the housing market digests the changes,” Reitzes wrote in a report.
In April, the Ontario government announced 16 measures as part of an effort to cool the Toronto real estate market, including a tax on foreign buyers and expanded rent controls.
In May, the first full month following the changes, Toronto home sales fell 20…
