Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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“Is it better to pay down our mortgage or ramp up contributions to our teen’s RESP?” + MORE Nov 30th
Q. My husband and I, both in our early 40s, bought a house in Toronto four years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%.
We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaini.... More »
Latest in Mortgage News: Toronto Home Prices Set July Record Aug 9th
The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
Should I sell and rent or get a reverse mortgage? + MORE Jul 7th
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.
I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting.... More »
The Latest in Mortgage News: Mortgage Debt Soars as Credit Card Debt Falls to 6-Year Low Jul 19th
Canada's hot housing market was behind a 41.2% annual increase in new mortgages as of the first quarter, Equifax Canada reported..... More »
50+ with little or no Mortgage? You Need a Line of Credit! + MORE May 15th
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend.... More »
Garage and basement renovations for any budget
– moneysense.ca
(Genuwine Cellars)Basement renovation ideas
According to Statistics Canada, basement renos are popular, what with adult children moving back in and the desire for young families to create a mortgage-helper rental suite.
But below-grade upgrades don’t come cheap. For basic finishes, without a bathroom or kitchen, expect to pay at least $20,000. The best way to spend your dollar is on multi-purpose rooms with a focus on materials that can withstand moisture. One good option is commercial-grade vinyl flooring ($4.50/sq. ft. + $2/sq. ft. for installation). Now, if you want to add warmth to your basement consider in-floor heating under ceramic tile or poured, sealed concrete ($8.75/sq. ft., installed). Basic electric in-floor units start at $3.75/sq. ft. for installation, while installed hydronic units start at $28/sq. ft. Consider cutting costs by installing electric mats under cheap carpet (the thinner the better) with a foam underlay.
Then focus on light. “We spend all this money on furnishing and fixtures, and no one can see them because the lighting is wrong,” says Jerilyn Wright, a Calgary-based designer…
When buying a home, avoid a House of Cards
– moneysense.ca
Frank Underwood, the ruthless politician played by Kevin Spacey in the hit Netflix series House of Cards, is a rather quotable guy. Not a very nice guy, mind you, but quotable nonetheless. Among Frank’s many axioms is this gem: “Pay attention to the fine print. It’s far more important than the selling price.” The fictitious (thankfully) Washington Democrat was gloating about how he had deviously maneuvered a bill through the U.S. Senate, but Underwood could have just as easily been talking about the process of buying a home and getting a mortgage.
Sure, the selling price of a house is pretty important but there are a number of equally important details that are often overlooked. If you’re buying a home, think like Frank and look beyond the selling price. Here are five factors to consider.
Is this your forever home?
There are a lot of out-of-pocket expenses that come with buying and selling a house: home inspections, legal fees, moving services, land transfer taxes and assorted closing costs (like beer and pizza on moving day)…
Q4 2016 Bank Earnings – Mortgage Morsels
– canadianmortgagetrends.com
Another bank earnings season is in the bag. It was a quarter where Canada’s Big 6 banks addressed analysts about the changing regulatory landscape. There was also a sharper focus on uninsured mortgage portfolios. National Bank analyst Peter Routledge addressed the issue in a recent note to clients: “With uninsured mortgages driving an increasing portion of overall mortgage and loan growth…the consequences of a decline in housing prices—most notably in the Toronto and Vancouver markets—weighs more heavily with each passing quarter.” As usual, we’ve picked through the Big Banks’ quarterly earnings reports, presentations and conference calls, and compiled all the mortgage-related goodies here. Notable tidbits are highlighted READ MORE
