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Is this a good time to buy a home in Canada?
– moneysense.ca
Before the Bank of Canada (BoC) began lowering its benchmark interest rate earlier this year, some analysts predicted that falling rates would spark a significant turnaround in the real estate market. But even after three consecutive rate cuts, that scenario hasn’t played out.
“Markets’ reaction [to the rate cuts] so far has been largely muted,” wrote RBC assistant chief economist Robert Hogue, in the bank’s latest economics report on housing. “It will clearly take deeper rate cuts to stimulate demand in a material way, as buyers continue to contend with high ownership costs and poor affordability.”
With more rate cuts anticipated before the end of the year, MoneySense asked four experts to share their perspectives on whether it’s a good time to buy a home in Canada. Will improvements in mortgage affordability drive demand and lead to higher home prices? What other economic issues are at play? And how are high housing costs affecting different groups of Canadians, from first-time home buyers to retirees looking to downsize? Let’s see what the experts have to say, and what Canadians can expect…
While personal, your relationship with your wealth planner is also highly transactional, and understanding how these fees are structured is important when it comes to growing your money over time.
Financial educator Kelley Keehn
It can be confusing to pick a planner with the right credentials and investment style—as well as understand their fees, said financial educator Kelley Keehn.
The basic rule of thumb is that no service or advice comes for free.
“Nobody is working for free for you when it comes to your money,” said Keehn, founder of Money Wise Workplaces.
“Someone is getting paid somewhere.”
How financial advisors charge for their services
Generally, there are three ways wealth professionals get paid, Ian Tam, director of investment research at Morningstar Canada, said.
Commission-based advice is the oldest and most common of all, Tam said. Typically, when a consumer walks into a retail bank branch, commission-based advice is what’s offered to them…
