The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Variable mortgage rates regaining traction as Bank of Canada cuts rates + MORE Sep 5th
The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans.
The rate cut prompted big commercial banks to lower their prime rates, which are used to set the r.... More »
What expenses can you deduct for a second property in Canada? + MORE Sep 14th
If someone owns a second property, what can they deduct? Can they deduct the cost of purchasing or renovations?—Nicole
The types of expenses you can deduct for a second property
There are several expenses that can be deducted from a second property, particularly if it is designated as an inv.... More »
Jackson Hole: Markets Ready For Hawkish Powell (Live) - Investor's Business Daily Aug 22nd
Jackson Hole: Markets Ready For Hawkish Powell (Live) Investor's Business DailyPowell, citing jobs risk, opens door to cuts but doesn't commit ReutersPowell to give his last Jackson Hole speech under watchful gaze of Wall Street and the White House AP NewsNorth Ameri.... More »
How do mortgage brokers get paid? Feb 17th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
Body of missing Markham realtor found, 3 youths facing weapon, fraud charges - Toronto Star Aug 22nd
Body of missing Markham realtor found, 3 youths facing weapon, fraud charges Toronto StarRemains of missing Markham woman found CTV News Toronto‘Burned human remains’: Body of missing Ontario real estate agent identified Global News HamiltonBody of missing Markha.... More »
“Is it time to buy a home, or should I continue renting?”
– moneysense.ca
Early in the summer of 2020, I wrote about how the uncertainty of the COVID-19 pandemic had some home buyers reviewing their decision to jump into the housing market. After a quiet spring season, there’s been a resurgence in housing demand in markets across the country, with record-breaking sales noted for June and July. As Canadians return to the housing market, one of the biggest questions for prospective first-time buyers with an impending move remains: Should I continue to rent, or should I take the leap into home ownership?
The answer to that question is, perhaps unsurprisingly, that it depends on your circumstances. The decision to move is often equally a lifestyle and financial decision, and it varies for each one of us based on our needs and preferences. Here are the key considerations to keep in mind as you navigate your own decision to buy or rent, along with some concrete examples on how to approximate and compare your financial costs in each scenario.
1. What’s your time horizon?
As you plan your move, it’s important to ask yourself how long you intend to live in your new home…
The answer to that question is, perhaps unsurprisingly, that it depends on your circumstances. The decision to move is often equally a lifestyle and financial decision, and it varies for each one of us based on our needs and preferences. Here are the key considerations to keep in mind as you navigate your own decision to buy or rent, along with some concrete examples on how to approximate and compare your financial costs in each scenario.
1. What’s your time horizon?
As you plan your move, it’s important to ask yourself how long you intend to live in your new home…
