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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Debt Consolidation Tip: Pay less interest! + MORE Feb 22nd
The beginning of the year is typically tough financially for most of us. Holiday bill payments, RRSP contributions, property tax bills, etc. And, if you’re self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then Janua.... More »
Equitable Bank’s mortgage arrears rate triples amid surge in renewals + MORE Mar 13th
Equitable Bank saw its mortgage arrears rate triple over the past 12 months now that a majority of its clients have renewed at higher interest rates..... More »
Canadian real estate market outlook 2018 Jan 8th
Romana King is an award-winning personal finance writer, a real estate expert and speaker. She is the current Director of Content at Zolo.ca
There’s never a dull day in real estate. Last year started off with a big nervous question: Will the Canadian housing market crash? In 2018, the new year.... More »
Morneau not considering extending mortgage stress test to cover more lenders + MORE Jan 29th
Federal Finance Minister Bill Morneau says he is not considering imposing stress tests on private mortgage lenders..... More »
Opinion: When competition crosses a line in mortgage brokering Oct 16th
Every so often, a situation comes along that reminds us of a darker side of mortgage brokering. Most of the time, competition is healthy. But sometimes, it crosses a line; not legally, but ethically..... More »
Canadian consumers continued to spend on credit in the first three months of 2017, bringing the average non-mortgage debt across the country to $21,696, up 1.9 per cent annually.
Using real estate vs. RRSPs to fund retirement
– moneysense.ca
Q: We have three rental properties in Vancouver (one is mortgage free) and own our own home (mortgage free) in the Fraser Valley.
We are both retirement age.
Should we use RRSP/ RRIF or sell the rental properties?
We have been told by different advisors conflicting opinions.
—Lee
A: Congratulations on your upcoming retirement, Lee. If you’ve owned those rental properties for more than a couple years, no doubt you’ve benefited nicely from Vancouver price appreciation.
I’ll tell you right off the bat that this isn’t one of those questions where there is an easy, obvious answer. What you should do is a personal decision, but I’ll try to highlight some of the considerations.
Ask a Planner: Leave your question for Jason Heath »
Selling real estate is expensive. Of course, there’s the obvious real estate commission payable, which is generally 7% on the first $100,000 and 3% on the balance of the sale price in BC. Some agents charge more or less. Some agents do cash back. And companies offering discounted commissions as low as 1% have gained popularity in cities like Vancouver where prices are high…
The Globe and MailUninsured mortgages pose increasing risk, Bank of Canada saysThe Globe and MailThe number of uninsured mortgages is on the rise in Canada, and new risks are emerging alongside these loans, according to the Bank of Canada. The central bank's twice-annual Financial System Review shows that mortgage credit is climbing faster than …House prices and debt loads a growing concern, Bank of Canada saysCBC.caCanada becoming more vulnerable as rising debt and hot housing get worse, bank warnsFinancial PostPace of housing construction slips more than expected in MayToronto StarBNN -570 News -Bloomberg -Nasdaqall 35 news articles »
Uninsured mortgages pose increasing risk, Bank of Canada says
– theglobeandmail.com
The central bank’s twice-annual Financial System Review shows that mortgage credit is climbing faster than disposable income in Canada, and Canadians are leaning more heavily on home equity lines of credit, which is helping to push up overall levels of consumer indebtedness
Canadians' Debt Getting Riskier, BoC Warns — But We're Getting Better At Paying It Off
– walletpop.ca
The Bank of Canada is yet again raising the alarm about Canadians’ debt levels, but new data from credit ratings agency TransUnion shows Canadians, overall, are getting better at paying off their debts.
The average Canadian now carries $21,696 in non-mortgage debt, a two-per-cent increase from the first quarter of last year, TransUnion said in a report issued Thursday.
Given that StatsCan data shows incomes grew just 0.9 per cent over the past year, Canadians are taking on debt faster than their incomes are growing.
But TransUnion says delinquency rates on Canadians’ debt are falling. The number of delinquencies — debts overdue by more than 90 days — fell by 1.45 per cent from a year earlier.
Toronto led the way, with a 7.55-per-cent decline in delinquencies — despite a three-per-cent increase in total debt.
Among major cities, Vancouver saw the largest increase in non-mortgage debt (up 4.27 per cent in a year), but the city also saw a 1.85-per-cent increase in delinquencies…
