Ottawa housing starts up in June + MORE Jul 10th

It’s a worst-case scenario: you have unexpectedly lost your job – and your ability to pay your regular mortgage payments. Could you withstand such a financial crisis? Four in 10 homeowners wouldn’t last more than three months, according to a recent Manulife study.
For the average family, shelter – mortgage or rent – is the highest monthly household expense. According to the Canada Mortgage and Housing Corporation (CMHC), your monthly housing costs shouldn’t be more than 32 per cent of your gross monthly income. It’s important to give yourself some financial wiggle room, otherwise you can find yourself house rich, cash poor.
Also read: Learn more about balancing your debt and home purchase from our First Time Home Buyer’s Guide>
How to Protect Your Ability to Pay

Being ready for a financial crisis like job loss is about preparing ahead of time. A lot of homeowners, especially in pricey real estate markets like Calgary, Toronto and Vancouver, make the mistake of purchasing a home at their maximum purchase price…

RateSupermarket.ca’s Expert Mortgage Rate Outlook Panel calls for Bank of Canada action 

Is Canada headed for a recession? All eyes look to second quarter economic data for clues – and whether the Bank of Canada will cut rates again for the second time this year. The recent numbers aren’t economically encouraging, as both energy and non-energy sectors disappoint, adding increased pressure for the BoC to make a stimulus move. Our panel anticipates another 0.25 per cent cut in the upcoming July announcement, while low bond yields hold fixed rate discounts at status quo.

Fixed Mortgage Rates: Unchanged
Fixed mortgage rates have been very competitively priced, with some of the lowest offerings in the 2.30 per cent range. This discounting has been supported by a consistent demand for Government of Canada bonds, as investors flock to safe haven options amid Greek and Chinese economic drama. It’s not expected that lenders will change their discounting tactics in the short term…

The number of new homes started by Ottawa builders jumped in June, helping the industry rebound from what’s been a lacklustre year for construction. According to Canada Mortgage and Housing Corp., Ottawa builders started construction on a total of 772 new units in June, up from the 585 they began building in June 2014. The […]

When Google starts competing in an industry things change, and often not for the better for existing competitors. Google has the wherewithal, brainpower and search engine might to capture sizable market share in virtually any product segment, including mortgages. It’s been making mortgage inroads for a few years in the U.K. (after buying BeatThatQuote.com for $60 million CAD). And just a few months ago, word got out that Google will start comparing mortgage rates in the U.S. The natural question is, will it come to Canada? We posed this to Google’s Head of Financial Services in Canada, Lisa Boulanger. She READ MORE

Would Baby Bust Your Budget?
Raising kids certainly isn’t cheap – but the costs of starting a family can be even more daunting for those facing sky-high real estate and childcare costs. With the average detached house price reaching the million mark in Canada’s hottest markets (and daycare tuition matching mortgage payments) many families face considerable sticker shock along with their bundle of joy.
Could your finances survive the Terrible Money Twos? Take our survey (open to those with and without kids!) – and you’ll be entered to WIN our $1,500 cash grand prize.

Take The Survey!>
Join the #RSMFamily conversation! Ask YOUR top child-care cost questions or share your tips on Facebook and Twitter!
Read more about family finances:
Stuck in the Starter Home – A Canadian Conundrum>
Raising a Child Costs $233,000 – TD Study>
Daycare Costs – Can You Afford It?>
The Daycare Dilemma For Immigrants>
 
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