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 protect yourself from identity fraud in Canada + MORE Mar 31st
In 2024, Canadians lost a jaw-dropping $638 million to fraud, according to the Canadian Anti-Fraud Centre (CAFC). That’s already a hefty $60 million more than losses reported the previous year, but the true total is likely much, much higher—experts at the CAFC say that less than 5% of scams are .... More »
You need long-term disability insurance. Now what? + MORE Apr 1st
Long-term disability insurance likely isn’t something you ever want to be in a position to need, but if ever you do need it, you’ll be grateful it’s there. Like short term-disability insurance, it provides financial assistance to an employee who is unable to work because of an accident.... More »
Reverse Mortgages growing in popularity… Product of the year 2018? + MORE Feb 23rd
Mortgage stress test is the buzz phrase in mortgage lending for 2018. Every borrower, regardless of how much down payment you’re making, must pass a stress test to qualify for a mortgage. The math is simple, yet intimidating. Lenders must now use your mortgage contract rate PLUS 2.00% to qual.... More »
Bank of Canada Raises Rate by 0.25% – Is it Time to Worry Yet? + MORE Mar 8th
As predicted, the Bank of Canada raised their benchmark rate a few days ago. No surprises here. And yet, the media will make you feel like this was out of left field. Even worse, they’ll spew fear mongering dribble that the train is off then rail. That every single BoC meeting for the rest of the .... More »
How To Navigate Today’s Economy Oct 17th
Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I .... More »
Are we on track to generate $6,500 a month in retirement
– moneysense.ca
Randy and Sandra LukeUp until last year, Sandra and Randy Luke were focused on paying off their mortgage. With that goal behind them, they’re ready for their next challenge: to retire in 10 years. But can they save enough to build a portfolio capable of delivering a monthly net income of $6,500 in retirement?
The current situation
Randy Luke, 51, and his wife Sandra, 49, live in Winnipeg. Randy is in the printing business and Sandra is a healthcare instructor, but come 2027 they both hope to have a different job title: retired.
“We felt we had to have a goal and 10 years from now for full retirement is a good time,” says Randy. “Sandra has a defined benefit pension plan at work and that’s when she reaches her factor 80 date for a full pension.”
The couple’s finances are in good shape after paying off their $475,000 home a year earlier than planned. Currently, they have a combined $720,000 in their TFSAs, RRSPs, and other savings. The couple doesn’t have children, which means all of their savings can be put towards their retirement…
Why people are turning to their phones for mortgage advice
– theglobeandmail.com
The titans of the mortgage business won’t necessarily be those with Bay Street towers and hundreds of branches, they’ll be those who appear atop Google when people search for ‘mortgage calculators’ or ‘lowest mortgage rates’
