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Latest News
Pattie Lovett-Reid: Let the borrowing begin – responsibly - CTV News + MORE Aug 24th
Pattie Lovett-Reid: Let the borrowing begin – responsibly CTV NewsCanadians with lowest credit scores led wave of pandemic credit card debt repayment Yahoo Canada FinanceThe pandemic has Canadians paying down non-mortgage debt at fastest pace since 1980s CBC.caCana.... More »
Will you make money on your rental property? + MORE Sep 8th
After a strong rise in real estate prices in 2021 and in early 2022, many markets are now seeing weakening home prices. Current rental property owners, as well as new potential investors looking to buy, may be wondering how to determine if a rental property is a good strategy for them.
If you are.... More »
2020 Mortgage Forecasts: Defaults to Jump, Originations to Tumble, Sales to “Suffer” + MORE May 8th
There’s no doubt that Canada’s mortgage and real estate industries will suffer in the short term due to the impacts of the coronavirus pandemic. But how long will the pain last and how far out might the recovery be? Those are questions being asked by many in the industry, and some have p.... More »
This millennial left her job to go back to school, but scholarships have left her with no debt. Can she afford a GTA home? Jul 28th
“I do eventually want to buy a home, but the housing market in the GTA is intimidating to say the least, and I’m not so committed to home ownership that I’ll tie myself down to an unmanageable mortgage,” Maggie said..... More »
What to do about your debt and mortgages after the interest rate hike Jan 29th
Personal finance expert Laleh Samarbakhsh shares her advice on the best ways to take advantage of the increased rates..... More »
One family’s strategy for killing debt
– moneysense.ca
(Illustration by Ryan Inzana)At first glance, it’s difficult to see why Francesca Nazario is so worried about money. She and her husband Guy, both 36, own a three-bedroom bungalow in Whitby, Ont., an hour’s drive from Toronto. They have two young kids—Amelia, 3, and Sam, 15 months—and a combined income of $130,000 a year.
But Francesca, who earns $50,000 a year as a secretary with a small manufacturing company, feels that she and Guy aren’t in control of their finances. The clearest evidence of this is the $42,000 of personal debt they’ve accumulated—and that’s on top of the $350,000 mortgage and the $20,000 they still owe on Guy’s 2016 taxes for his consulting business. “We’re making decent money but we’re going deeper and deeper into debt,” says Francesca. “Why can’t we make our finances work?”
How to get out of debt in 2017 »
The Nazarios (whose names we’ve changed to protect privacy) aren’t frivolous with their money. They bought their home four years ago in a nice subdivision…
How to Improve Your Credit Score: Collections Edition
– ratesupermarket.ca
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
The last thing anyone wants is to be so behind on repaying debt that they end up in collections.
When your account goes to a collections agency, it likely means that that you’ve failed to pay bills and you were unable to set up or stick to a new repayment schedule. Usually, this happens between three and six months after you first default on your debt, and it can definitely impact your credit score, and subsequently, your future finances.
If your account goes into collections, it’s usually because you’re facing extreme financial difficulties. It can be scary and stressful, but there is a way out.
Why is my credit score affected by being in collections?
Your credit score is a crucial factor that banks and other lenders consider before they lend you any money…
CMHC’s Siddall on the Hotseat: Commentary – Part I
– canadianmortgagetrends.com
If you thought Parliament’s hearings on the new mortgage rules was boring, you missed last week’s exchange between MP Ron Liepert and CMHC head, Evan Siddall. This 4-minute video captures the tension… Never, to our recollection, has there been such animosity towards the regulatory 3-Amigos: CMHC, OSFI and the Department of Finance. The trio’s insurance policies have ravaged mortgage competition, jacked up borrowing costs and are destined to cost consumers billions (literally billions)…if they’re not overturned. With most industry professionals we speak to, there’s an almost palpable loss of respect for federal regulators. It’s unhealthy, it’s unnecessary and it could have all been avoided. How? By conferring with READ MORE
Sean Cooper took extreme measures to wipe out his $255,000 mortgage in just three years. Now he’s written an advice book to help others free themselves of a mortgage faster.
