Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Is a reverse mortgage right for you? + MORE Aug 15th
Many Canadians are “house rich.” Their net worth appears healthy (the average tops $675,000), but in reality, a large chunk—sometimes 50% or more—of that wealth is tied up in their homes. Factor in the nation’s growing personal debt (according to Statistics Canada, we collectively owe $1.7.... More »
M3 Group Expands National Bank Partnership to Ontario Jun 16th
Ontario mortgage brokers at M3 Group will soon have a new edge, the right to sell another Big 6 bank's mortgage products..... More »
Have Questions About the New Stress Test Rate? Here Are Some Answers… Feb 22nd
The Department of Finance created shockwaves this week with its announcement that it will be revamping how insured mortgages are stress tested. Now that the dust has settled, here’s a more in-depth look at the implications, as well as some industry reaction. But first, a quick recap of what’s ch.... More »
When does it make sense to sell real estate in a larger city and buy in a smaller one? May 31st
Q. I am currently living in Saint John, NB, and renting ($1,450 a month + Internet—very expensive for this little town). I also own a condo in Burlington, Ont., worth about $500,000, which I have been renting out for the past two years. With income taxes factored in, the rent just covers carrying .... More »
Three ways mortgage brokers can reassure concerned borrowers Feb 12th
Many mortgage brokers are fielding calls from clients concerned about rising interest rates and an uncertain economic outlook..... More »
5 millennials on how much money they make and how they spend it
– moneysense.ca
It’s as if everyone is obsessed with millennials’ finances.One minute, our age group is being accused of spending too much money on lattes and avocado toast. The next, we’re being told we can’t afford homes because of said avocado toast (and when we live at home to save, we’re faced with backlash, too). To make matters even more confusing, a recent government study based on years of wealth surveys said millennials are actually wealthier than previous generations of people aged between 28 to 34. Pulling your hair out yet? Us, too.
So how are millennials *really* doing, money-wise? We asked five women how much they make each month, and how they spend it. From paying off student debt to balancing multiple part-time jobs, here’s what they had to say.
On juggling multiple side-hustles and managing a mortgage
(PHOTO: COURTESY OF JACKLYN MARWAH-CHOW)
Jacklyn Marwah-Chow, 25, lives in Toronto and works as a project and social media manager, as well as a fitness instructor…
CBS NewsGOP tax plan may offer little aid for many in middle classNational PostWASHINGTON — How much of the House GOP tax plan is tailored to benefit America's middle class? That's uncertain based on the details that have been provided so far. What is clear is that many of the benefits for the middle class could dwindle over …The Finance 202: Wall Street escapes GOP tax cutters unscathed, so farWashington PostThe Republican tax plan is an arrow aimed at blue states like CaliforniaLos Angeles TimesTax Change on Mortgages Could Shake Up the Housing MarketNew York TimesABC News -CNBC -CBS News -CNNall 2,725 news articles »
CIBC launches Simplii Financial, with just a few glitches
– moneysense.ca
TORONTO — The launch of CIBC’s new Simplii Financial direct banking brand on Wednesday has not gone exactly to plan, as some customers are finding glitches with the new offering.
The bank (TSX:CM) has switched over customers from President’s Choice Financial to Simplii after reaching a deal with Loblaw Cos. Ltd. (TSX:L) in August.
The companies decided to end a decades-long partnership and go their separate ways, with Simplii taking the savings, chequing and mortgage accounts and PC Financial keeping its MasterCard credit cards and PC Plus points program.
READ: What the CIBC-PC Financial break-up means for you
Some customers say they have found long call waits for customer services, and others are complaining on Twitter that the mobile application isn’t working or that they’re unimpressed with the changes.
“There are no innovations. They simplii just changed the app logo and colour. It’s still the worst mobile banking app in Canada,” tweeted Andrew Chisholm…
The bank (TSX:CM) has switched over customers from President’s Choice Financial to Simplii after reaching a deal with Loblaw Cos. Ltd. (TSX:L) in August.
The companies decided to end a decades-long partnership and go their separate ways, with Simplii taking the savings, chequing and mortgage accounts and PC Financial keeping its MasterCard credit cards and PC Plus points program.
READ: What the CIBC-PC Financial break-up means for you
Some customers say they have found long call waits for customer services, and others are complaining on Twitter that the mobile application isn’t working or that they’re unimpressed with the changes.
“There are no innovations. They simplii just changed the app logo and colour. It’s still the worst mobile banking app in Canada,” tweeted Andrew Chisholm…
How to choose the right insurance
– moneysense.ca
Q: My husband is 57 and I am 45. I am currently a stay at home mom to a 12-year old with autism. We have life and disability insurance on our mortgage. My husband no longer qualifies for critical illness through our bank as he is 57.
He also has short term and long-term benefits through his employer.
Should we switch to term insurance through a private insurance company for our insurance instead of paying $292 biweekly for mortgage life and disability? Can we even get disability insurance through a private insurance company? Also, should I keep this insurance since I am not employed?
—Tara
A: Insurance can be a bit of a pain. It can be expensive and often, it’s simply a sunk cost.
But when you need it, insurance is really important. And when it comes to managing financial risk, it is essential for most young families.
Your husband, Tara, likely has a real need for life and disability insurance. If you and your son would be in financial difficulty if he died, he needs life insurance…
Chilliwack ProgressApartment sales driving Lower Mainland housing marketChilliwack ProgressVancouver and the Fraser Valley both experienced above-average home sales last month, according to local real estate board figures, as buyers try to get ahead of the new mortgage requirements in January. Vancouver area home sales jumped 7.1 per cent …Foreign home buyers continue to flow into VancouverMortgage Broker Newsall 20 news articles »
