Can you pay off your debt while saving for retirement? + MORE Sep 2nd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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OSFI calls stress test “incomplete,” seeks to address “problem” of fixed-payment variable-rate mortgages + MORE Sep 8th

It's no secret that Canada's banking regulator has its sights set on fixed-payment variable-rate mortgage products. And OSFI chief Peter Routledge reiterated that point during a speech today..... More »

Can a first-time home buyer have a mortgage co-signer? + MORE Sep 17th

If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate .... More »

CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year + MORE Sep 14th

CIBC reports that its mortgage clients are so far managing to absorb the payment shocks as their mortgages come up for renewal at higher rates..... More »
Despite facing mortgage payment increases of roughly 10% to 20%, BMO says the majority of its mortgage clients are having no issues with their renewals.

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Scotiabank continued to deliberately slow its mortgage lending in the third quarter amid heightened economic risk and as part of its plan to be more selective with onboarding new clients.

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We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company pension. He has no RESP saved for his 17-year-old son and is expected to pay $8,000 in tuition fees, starting this September. 

At 47 years old, I have a single-family home with a $760,000 variable-rate mortgage. This is where our family lives. We are boarding an international exchange student and plan to receive a monthly stipend of $1,200. I have $200,000 saved in an RRSP. I have $60,000 saved in an RESP for my 14-year-old son’s education. Any unused amount will be converted to my RRSP. 

We have a cohabitation agreement where we agreed to keep our assets and debts separate. 

My goal is to retire by age 65. However, my husband is unable to pay down his mortgage as he swallows his line of credit every five years…

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