This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Some of Canada's Big 6 banks made headlines last week by lowering fixed mortgage rates, but might they soon have to pull a U-turn?.... More »

BoC’s Macklem Lays Out Plan to Wind Down Bond-Buying Sep 11th

Since the start of the pandemic, the Bank of Canada has been buying up billions of dollars worth of bonds each week, which has helped keep borrowing costs, including fixed mortgage rates, low. On Thursday, BoC Governor Tiff Macklem outlined the roadmap for ending the Bank’s bond-buying program.... More »

How much is home insurance? Sep 17th

Home insurance is, as you may know, property insurance that protects the homeowner’s private residence, including the outside space, like your shed and deck, too. By paying a monthly or annual premium, you are assured that damage or loss to your home—typically a person’s most important and exp.... More »

The Latest in Mortgage News: Ontario Teachers’ Pension Plan to Buy HomeEquity Bank Sep 26th

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This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare?Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon.

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When Vancouver condo owners Maggie and Rob found out they were on the hook for $400,000 in improvement costs to their building and unit as required by an assessment from their Strata Council, they weren’t sure what to do. (We’ve changed their names and some details to protect their privacy.)

The couple, who are in their early 80s and mortgage-free, have lived in the large upscale Kitsilano condo for the past 20 years and were not anticipating a financial obligation of this magnitude during retirement. So the results of an assessment from their Strata Council, which requires them and other unit owners to find six-figure sums in short order, came as a shock. While they have about a half-million dollars in investments they could use to cover the improvement costs, liquidating those assets would come with a serious tax hit. And their income isn’t high enough to qualify for a home equity line of credit (HELOC) or mortgage refinance.

Making matters worse, Rob’s health has been failing, which puts moving out of the question…

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