Fewer Canadians contributed to RRSPs from 2000 to 2013 + MORE Feb 13th

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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Canadians Not Deterred By Homeownership Obstacles Sep 6th

Those dreaming of homeownership face a long list of obstacles: high prices, low supply and ever-changing mortgage rules and qualification requirements, to name a few. But that hasn’t shaken Canadians’ desire to have a place to call their own, according to the latest consumer survey from .... More »
 mortgage penalties

Home ownership rate in Canada on the decline: census + MORE Oct 28th

OTTAWA — Not everyone wants to own a home these days, Evan Siddall concedes — not even his own millennial-age son. For the head of the Canada Mortgage and Housing Corp., that’s really saying something. But Siddall’s experience is far from uncommon, the latest census figures show: 3.... More »
 mortgage penalties

Fixed mortgage rates keep rising, and could continue as bond yields near 4% + MORE Jul 9th

Bond yields ended the week higher, flirting with a key technical level of 4% following the release of overall strong employment data in both Canada and the U.S..... More »

Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals + MORE Sep 2nd

OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions. The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Th.... More »
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Mortgage renewal calculator + MORE Jan 25th

Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal.  You.... More »
According to various forecasts, Toronto is poised to be the hottest real estate market of 2017 — and it’s well on its way to scorching, if January numbers are any indication.

According to the Toronto Real Estate Board, the average home price in the GTA hit $770,745 last month, a 22.3 per cent year-over-year increase. And you’ll need almost double that if you aspire to live in a house, with the average detached price now $1,336,640 in the city proper.

(Photo: Sisoje via Getty Images)

Houses Can Be Hundreds of Thousands of Dollars Out of Reach

Consider this — for an individual with the median Toronto household income of $76,219, the maximum affordability they can hope to achieve is $636,900, and that’s assuming they qualify for a five-year variable mortgage at two per cent, pay at least 20 per cent down on their home and can pay it off over a 30-year period. Yet that still leaves the median Torontonian nearly $700,000 short from affording a house.

That doesn’t give buyers — especially those in the move-up market — a ton of options…

Continue Reading On walletpop.ca »

OTTAWA — The number of Canadians in their prime-working years that contributed to their RRSP accounts steadily declined from 2000 to 2013, according to a report by Statistics Canada.
The report released Monday noted that two of the largest contribution declines were in 2008 and 2009, which was the same time as the financial crisis and the introduction of tax-free savings accounts.

Ten RRSP questions answered »

But whether this trend results from factors such as the recent economic recession, shifts toward other means of wealth accumulation — including home equity — or entirely different reasons is an open question, the report said.
The report said among individuals aged 25 to 54 the number of annual RRSP contributors fell 16 per cent between 2000 and 2013.
The number of contributors in the age range fell to 4.2 million in 2013 compared with 5.0 million in 2000.

Is my spousal RRSP still mine? »

Meanwhile, the total value of annual RRSP contributions fell by the same group approximately 26 per cent after being adjusted for inflation…

Continue Reading On moneysense.ca »

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