Interested in learning more about property mortgages in Canada? Look no further!
Latest News
How do credit card payment deferrals work during COVID-19? Apr 19th
If you’re dreading your credit card bill, you’re not alone. According to the Bank of Canada, 30% of us carry a balance from month to month, accruing interest, on average, at an eye-watering 19.99%. Simply put, we’re in the red, with an average of $23,800 per Canadian owing on credit cards, lin.... More »
Should you buy a vacation property? + MORE Aug 27th
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird.
There are many emotion-driven reason.... More »
Mortgage brokers rated their lenders, and these are the results + MORE Apr 16th
If you want to know how mortgage lenders are performing in today’s volatile market, who better to ask than a mortgage broker?.... More »
Tools to calculate your mortgage payments and costs in Canada Nov 1st
Owning real estate is a goal for many Canadians, and while it can be a rewarding investment, it comes with financial responsibilities that you must carefully manage. First and foremost, you need to be able to calculate your mortgage payments, down payment, penalty fees and other costs. Onli.... More »
Making sense of the markets this week: September 24, 2023 + MORE Sep 23rd
Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, shares financial headlines and offers context for Canadian investors.
No surprise: Canada’s inflation rate ticked up in August
Canada’s annual inflation rate jumped to 4% in August, up from 3..... More »
Q4 2019 Bank Earnings – Mortgage Morsels
– canadianmortgagetrends.com
Profits were down among the big banks in what has been called a “bleak” fourth-quarter earnings season. It was the weakest earnings growth since 2016, particularly for the likes of TD and CIBC, who saw their net income fall 3% and 6%, respectively, compared to last year. TD President and CEO Bharat Masrani called the quarter “challenging” and one “marked by lower interest rates, volatile markets and normalizing credit conditions from historically low levels.” Several of the banks increased provisions […]
Toronto Homebuyer Learns Expensive Lesson About Unconditional Offers
– canadianmortgagetrends.com
An Ontario Court of Appeal delivered an expensive lesson to a GTA homebuyer who made an unconditional offer that was later retracted. Back in 2017, Shahla Sheikhtavi had made an unconditional offer on an East Gwillimbury, Ontario, home for $1,871,000. Following the introduction of the province’s 15% Non-Resident Speculation Tax (NRST), Sheikhtavi found herself in the midst of a market downturn and unable to sell her home to obtain mortgage financing for her new purchase. After rescinding her offer, property […]
Want to pay off debt? Pay less interest!
– canadamortgagenews.ca
It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.
January is usually a tough financial month for most of us. Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January feels like a hangover!
Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%. Wait, before you get too depressed, there could be a better option. There’s a less expensive way to manage your debt.
DEBT IS DEBT, JUST PAY LESS INTEREST
Canadians seem to think debt consolidation is a dirty word. Studies show that we are paying down our mortgage balances faster (I like that trend) except we are carrying other debt like car loans, unsecured lines of credit and credit card balances…
Are Howie and Pamela on track to retire at 55?
– moneysense.ca
Q. My wife and I are 45 years old, and we would like to stop working at age 55. Can you help us assess if that is attainable?
We owe $525,000 on our mortgage and our home is valued at $1.2 million. We currently pay a mortgage of $1,845 biweekly at an interest rate of 2.99% (30-year amortization). We hope to pay off the home within 10 years, with extra payments of $20,000 per year. We plan to live in this home and potentially sell it if we cannot live there anymore due to health issues.
Right now, we have $560,000 in Registered Retirement Savings Plans (RRSPs), $20,000 in a Locked-In Retirement Account (LIRA), $22,000 in Tax-Free Savings Accounts (TFSAs), and $10,000 in non-registered shares. We contribute $50,000 per year to our investments. We also each have a defined benefit pension plan, but will lose quite a bit if we retire at 55, which we are aiming to do. At 55, we will receive $20,000 per year each. The pension is not indexed to inflation and there is no bridge benefit. We have both worked full time in Canada since we were 22 years old and are eligible for Canada Pension Plan (CPP) and Old Age Security (OAS) benefits…
We owe $525,000 on our mortgage and our home is valued at $1.2 million. We currently pay a mortgage of $1,845 biweekly at an interest rate of 2.99% (30-year amortization). We hope to pay off the home within 10 years, with extra payments of $20,000 per year. We plan to live in this home and potentially sell it if we cannot live there anymore due to health issues.
Right now, we have $560,000 in Registered Retirement Savings Plans (RRSPs), $20,000 in a Locked-In Retirement Account (LIRA), $22,000 in Tax-Free Savings Accounts (TFSAs), and $10,000 in non-registered shares. We contribute $50,000 per year to our investments. We also each have a defined benefit pension plan, but will lose quite a bit if we retire at 55, which we are aiming to do. At 55, we will receive $20,000 per year each. The pension is not indexed to inflation and there is no bridge benefit. We have both worked full time in Canada since we were 22 years old and are eligible for Canada Pension Plan (CPP) and Old Age Security (OAS) benefits…
