Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The Run Down on Reverse Mortgages: What Are They and Why Do Home Owners Get Them? + MORE Jun 17th
Although it may seem like a complicated or paradoxical concept, the features that make up a reverse mortgage are rather simple. A reverse mortgage is a home equity product that allows home owners aged 55 years and older to access up to 55 per cent of the value in their home.
Home owners can choose .... More »
Variable Mortgage Rates to Rise as Prime Rate Jumps to 3.20% + MORE Apr 16th
Variable-rate mortgage holders are about to see their interest costs rise again after Canada's Big 5 banks announced a 50-basis-point hike to prime rate on Wednesday..... More »
What Does High Inflation Mean for Mortgage Rates? + MORE Aug 27th
Canada’s inflation rate came in above expectations last week, rising to its highest level in more than a decade. If above-target inflation persists, it could have ramifications for homeowners in the form of shifting rate-hike expectations. Canada’s inflation rate came in burning hot at 3.... More »
When does it make sense to sell real estate in a larger city and buy in a smaller one? May 31st
Q. I am currently living in Saint John, NB, and renting ($1,450 a month + Internet—very expensive for this little town). I also own a condo in Burlington, Ont., worth about $500,000, which I have been renting out for the past two years. With income taxes factored in, the rent just covers carrying .... More »
Higher renewal costs test household budgets in Ontario and B.C., says Equifax Sep 13th
Equifax reports that rising renewal costs are testing household budgets, with Ontario and B.C. most exposed, while mortgage growth remains muted..... More »
OSFI’s new mortgages rules… a silver lining..
– canadamortgagenews.ca
SEARCHING FOR THE POSITIVE..YES, THERE IS SOME. Hard to find any positive news from OSFI’s (Office of the Superintendent of Financial Institutions) new mortgage rules announced last week. In case … Continue Reading OSFI’s new mortgages rules… a silver lining..
Is this part-time teacher on track to retire in 9 years?
– moneysense.ca
Sarah Press is 41 years old and working as a part-time teacher in Toronto. She also has what she calls some “side gigs” cleaning houses so that she can earn additional income that she hopes will allow her to retire at 50 on a reduced pension. “My true retirement age with the school board is 54 but I’m aiming to go earlier,” says Sarah. “I know retirement at 50 is an ambitious goal for me, especially because I’ve only worked part-time the last eight years. Still, it would be great if I could do it. Teaching is so stressful, and I have so many hobbies that I could retire tomorrow and fill my days with no problem. I love gardening, baking and I’m also very entrepreneurial so spending more time on those interests is what I’m most looking forward to at 50.”
Right now, Sarah earns $55,000 annually—$50,000 annually from her teaching job and another $5,000 in income from her side jobs. Her assets total $775,000 with her largest being her $675,000 condo in Toronto. She’s a few months away from being mortgage free and hopes to put the $8,000 or so annually that she’s paying on her mortgage towards savings in 2018…
