Trump is no good for business, say business leaders + MORE Oct 7th

OTTAWA – Mortgage lending changes by the federal government are going to make it harder for non-bank lenders to operate and could see Canadians pay higher rates on their loans, mortgage brokers warn.
James Laird, president of mortgage company CanWise Financial and co-founder of rate-watching website RateHub, says the non-bank mortgage lenders offer important competition for the big banks.
“The non-bank lenders keep the banks honest,” Laird said.
“It is really important that we keep some sort of third-party pressure on them so they can’t set prices at whatever they choose.”
Starting Nov. 30, mortgages that lenders insure with portfolio insurance and other discretionary low loan-to-value ratio mortgage insurance must meet stricter criteria that had previously only applied to high-ratio insured mortgages.
The rules place new limits on the types of mortgages that can be insured.
The change, brokers say, will make operating more difficult for non-bank mortgage lenders, who raise the money they use to lend to homebuyers by selling packages of insured mortgages to investors…

Q: I may be coming into an inheritance and I want to know if it would be better to pay off all the debt I have or invest the money? I have the following debt:
Mortgage: $60,000, at 2.5%, variable rate
Line of credit: $20,000 at 5.7%, variable rate
Car loan: $24,000 at 3.75%
I am 62 years old and the thought of being debt-free is very appealing, but also want to make the best financial decision for the long run.
— McFeely, Alberta

Nawar Naji, mortgage broker with Mortgage Architects:  
The answer to your question really depends on a few factors:
1) When is your retirement date? i.e, how many more income earning years do you have?
2) Do you have any other savings, such as RRSPs, that will be used during your retirement years?  
Now, if you have a few working years left and you have a retirement plan, then consider paying off the high interest debt first (line of credit at 5.7%). Paying off a depreciating asset (car loan) is not the best idea. If there are additional funds in the inheritance consider investing them into cash producing (such as dividend stock) to supplement your retirement  income…

In our April 2016 issue of MoneySense, we introduced you to Sammu and Mandy Dhaliwall, a young married couple with three kids from Brampton, Ont. They are trying to juggle RRSPs, TFSAs, paying down their $350,000 mortgage as well as their $90,000 home equity line of credit.  Throughout the year we gave them a financial challenge every four weeks to help them get their finances in tip top shape. Make sure to follow along! For their latest challenge, we asked them to read Moolala by Bruce Sellery and to write about three money lessons they learned from the book. Here’s what they had to say. 
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Both Mandy and I found Moolala by Bruce Sellery—along with its accompanying exercises—an interesting read on how to manage money more effectively. Both of us had already gone through similar money exercises before but these served as good refreshers…

OTTAWA – A report by Canada Mortgage and Housing Corp. says home sales in Vancouver were already slowing before the plunge in recent months in the wake of a new tax on foreign buyers.
In its housing market insight report into the preliminary impact of the foreign buyers tax, CMHC said Thursday it’s too early to determine the long-term impact of the decision.
The housing agency says the drop in sales in August and September continued an already established trend, particularly at the higher end of the price range.
Robyn Adamache, CMHC’s principal market analyst for Vancouver, said foreign buyer activity is one of many factors in Vancouver.
“Equally important are housing and land supply constraints as well as the economic and demographic fundamentals that drive housing demand,” Adamache said in the report.
“Sales and prices had already started to dip before the introduction of the foreign buyers tax, so it basically underlined existing trends in the resale market.”
The Real Estate Board of Greater Vancouver reported earlier this week that September home sales fell 32…

Donald Trump gives a thumbs up after a town hall in Virginia Beach, Va. But some business leaders are giving him a thumbs down. (Evan Vucci/AP)
WASHINGTON – A dozen big-name business leaders, including lifelong Republicans and independents, say they won’t support real estate mogul Donald Trump for president. They say he would be bad for the economy, and they question how successful he’s been as a businessman.
“For sustained investment, economic growth and job creation, American business needs as much predictability, reliability and stability in our government as possible,” they write. “Donald Trump is simply too reckless for American business.”
A copy of the letter was given to The Associated Press ahead of the group’s push for others to sign on, as well as the release of the group’s new website. It comes on the heels of an open letter by more than 30 former GOP members of Congress condemning the Republican presidential nominee as “disgraceful…