Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable? + MORE Mar 16th
A couple in their 30s contacts me for a mortgage. They want to buy a new home. She’s a high school teacher and he’s a computer firm manager. Incomes are good. I check their credit.
Let’s stop here for a minute… If they have good credit, an approval is simple and we can provi.... More »
The $13 Billion Question: Will Ottawa’s “Build Canada Homes” Fix Our Broken Housing Market, or Just Build More Problems? + MORE Sep 28th
Another week, another blockbuster announcement from Ottawa aimed at solving our national housing crisis. This time, it’s a shiny new federal agency dubbed “Build Canada Homes,” launched with a cool $13 billion of your money. The promise? To slice through the red tape, leverage public lands, an.... More »
Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th
Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, sho.... More »
CMHC consumer survey reveals the importance of follow-up contact by mortgage brokers + MORE May 13th
There was a simple but important lesson for mortgage brokers in CMHC's 2023 Consumer Survey released Wednesday: follow-up contact leads to more satisfied clients..... More »
How does credit card debt affect a mortgage application? Apr 7th
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income, down payment amount and how much you owe—including credit card debt, car payments and unse.... 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 »
