Will CMHC Risk Fees Hurt Home Buyers? + MORE Dec 5th

Next to home costs, vehicles can be the biggest financial investment for a household – and can cost big bucks when something goes wrong. With winter upon us – the toughest transportation season for your car – now’s a good time to assess your car’s shape, and look for ways to save amid the snow and cold.
Must-Have Tire Math
Purchasing a set of winter tires — and possibly a second set of rims — will run you between $500 and $2,000 (rims start at $250 each and go up from there). If you own two cars, double those costs. Snow tires are an annoyance on one level: you must store them during warmer weather and you need to either install and remove them yourself twice a year – or haul everything over to the mechanic to do the job for you – at a cost, of course.
However, for many people, the cost weighs out. An accident due to skidding in slippery roads and putting your car in the ditch or colliding with another car comes with serious costs. That can simply be the hassle of reporting the accident, paying some or all of the insurance deductible (check your policy, it is often $500 or $1000) if you are entirely or partially at fault for the accident and managing the car repairs…

Diabetes has now been described as an “epidemic”, and affects almost 1/4 of North Americans (when including pre-diabetes). Not surprisingly, this increase in diabetes goes hand in hand with rising obesity levels and our consumption of junk food. What might surprise you is that people with diabetes can get life insurance protection as long as blood sugar levels are controlled!

Last Friday, it was announced the Department of Finance is implementing further measures to minimize taxpayer risk posed by the Canadian Housing and Mortgage Corporation, the Crown entity that provides high ratio home buyers with mortgage default insurance.
As of January 1, 2014, the CMHC must pay the Canadian government 3.25 per cent of their high-ratio mortgage insurance business, and 10 basis points (0.10 per cent) of their low ratio portfolio. Based on their Q3 results and projected future numbers (the CMHC currently ensures $560 billion in default insurance), it is estimated these new CMHC risk fees will cost $50 million annually.
However, the CMHC assures home buyers that a credit crunch isn’t in the cards, as the fees aren’t expected to cut into their bottom line. “We certainly don’t anticipate it to have any impact on the availability of mortgage funding, so we don’t see it as a material event,” said CMHC Chief FInancial Officer Brian Nash in a statement to reporters…

TORONTO, Cananda – The Canadian Imperial Bank of Commerce is opening a branch inside Toronto’s Pearson airport in a bid to draw in travellers and newcomers.
CIBC (TSX:CM) said Thursday its clients and other travellers will now be able to access ABMs, as well as mobile and online banking at locations inside Canada’s busiest airport.
There will also be activation kiosks throughout the airport as well as work and family-friendly spaces to draw in business travellers, newcomers and families with kids.
“Most people now spend a couple of hours at the airport before their flight,” said Stephen Forbes, executive vice-president at CIBC.
“We’ve all had the experience of making the last minute visit to the bank before a trip — whether it’s to pay a bill, get cash or travel insurance, or complete other banking transactions. Through this partnership, travellers will now have the flexibility to meet all of these needs at the airport through CIBC.”
The multi-year partnership makes CIBC the Greater Toronto Airports Authority’s exclusive financial institution sponsor…