Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
The $90-million lesson: Why relationships, not tech, drive mortgage success + MORE Mar 19th
A lender friend of mine, Shane Lapointe, retired last week and I could not be happier for him. Forty-nine years in the industry, 36 of them in the brokering space. I can only imagine the rule changes and lender switch-ups that he has seen since 1989. .... More »
Forget the burbs—should home buyers “fly until they qualify” for a mortgage? Feb 12th
During my time as the resident mortgage expert on CP24’s Hot Property TV show, I started using the phrase “drive until you qualify” to describe the advice given to home buyers struggling to get into hot real estate markets. The idea was that you should expand your search from high-priced urban.... More »
Can you pay off your debt while saving for retirement? + MORE Sep 2nd
Ask MoneySense
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 p.... More »
Latest in Mortgage News: 4 in 10 Buyers Open to Purchasing a Home “Virtually” + MORE Jun 13th
Social distancing restrictions in place for the past few months have transformed the way homes are bought and sold, with many showings now taking place “virtually.” And many homebuyers—42%, to be exact—are just fine with that, according to a recent survey by the Ontario Real Estate A.... More »
Best Practices to Verify Your Clients’ Down Payments May 25th
Proving the source of your clients’ down payments can sometimes be the most time-consuming part of arranging a mortgage. Even when handled well, the process may sour the buyer experience. Your client will need to provide a comprehensive history of all the money earmarked for their down payment.... More »
How the coronavirus pandemic could change the way we think about retirement in Canada
– moneysense.ca
Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and more.
All of these variations on the retirement theme have been built on a relatively steady set of economic conditions and assumptions: that housing and financial markets will remain stable, the economy will continue to function, and Canadians will continue to pay the Canada Pension Plan premiums and income taxes that keep CPP and Old Age Security payments flowing.
But what happens to retirement when the world is grappling with a global pandemic and the resulting worldwide economic fallout? Here are three ways the coronavirus could reshape retirement in Canada.
The movement towards “early retirement” will dwindle as employment security drops—and the average retirement age creeps up
Many of these newer approaches to retirement assume that if retirement goes wrong, retirees have fallbacks to rescue their finances, whether that’s returning to paid employment, harvesting home equity, or counting on continued asset growth to help meet budget shortfalls…
All of these variations on the retirement theme have been built on a relatively steady set of economic conditions and assumptions: that housing and financial markets will remain stable, the economy will continue to function, and Canadians will continue to pay the Canada Pension Plan premiums and income taxes that keep CPP and Old Age Security payments flowing.
But what happens to retirement when the world is grappling with a global pandemic and the resulting worldwide economic fallout? Here are three ways the coronavirus could reshape retirement in Canada.
The movement towards “early retirement” will dwindle as employment security drops—and the average retirement age creeps up
Many of these newer approaches to retirement assume that if retirement goes wrong, retirees have fallbacks to rescue their finances, whether that’s returning to paid employment, harvesting home equity, or counting on continued asset growth to help meet budget shortfalls…
