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Wednesday, July 13th, 2016

Spending on renovations outpaces new home construction

More money was spent renovating homes in Canada than building new ones during the 12 months to the end of June, according to data compiled by the Bank of Montreal. “In the four quarters through [the second quarter], renovation activity outpaced investment in new residential construction $48.4-billion to $46.3-billion, as the latter has rolled over […]

Canadians’ debt payoffs rise as mortgage principal payments targeted

Contrary to all the hype about consumer debt levels, Canadians are actually paying off their debts at a faster rate than the Bank of Canada estimates, says Canadian Imperial Bank of Commerce economist Benjamin Tal. Indeed, he says consumers are being quite responsible in the face of extremely tempting low interest rates. True, they are […]

Could targeted land transfer taxes cool Canada’s hottest markets?

Ontario’s real estate association has launched an ad campaign to explain why they believe land transfer taxes hurt the economy. But in a hot housing market, could the tax be used to cool particular regions, such as Toronto and Vancouver? Officials in Ottawa have made it clear they see no need to cool the market […]

First-time homebuyers are feeling the weight of Canada’s housing boom

Many times over the last few years, John Norquay has been stricken with pangs of anxiety over not being a homeowner. Should you rent or own your home? Bank of CanadaPeople say that when you grow up, you buy a home. But owning doesn’t make sense for everyone and in some cases, it might be […]

Canadians expect to be mortgage-free later than previously thought

A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago. But the survey, conducted for CIBC by Angus Reid, found some big discrepancies across the country. For example, homeowners in British Columbia thought they wouldn’t be able to pay off […]

Paying off your mortgage faster can pay huge dividends

Paying down your mortgage faster. It’s one of those boilerplate suggestions that financial advisers love to make to their clients. After all, throwing extra money at the biggest debt most Canadians have can result in big interest savings and being mortgage-free years sooner. So why isn’t everyone doing that? According to a spring analysis by […]

Canadians expect to be mortgage-free later than previously thought

A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago. But the survey, conducted for CIBC by Angus Reid, found some big discrepancies across the country. For example, homeowners in British Columbia thought they wouldn’t be able to pay off […]

Freedom 58? How Canadians are shaving thousands off the cost of their mortgage

TORONTO — A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago. How this man plans to be mortgage free by age 31 This 29-year-old pension analyst is $130,000 away from paying off his $425,000 home in Toronto, without money […]

Ed Clark ‘supportive’ of Finance Minister Joe Oliver’s hands-off approach in mortgage wars

Toronto-Dominion Bank chief executive Ed Clark is throwing his support behind Finance Minister Joe Oliver’s decision not tell banks how to price their mortgages. Top economist calls out Ottawa on ‘unhealthy’ lack of information about housing market Crucial information needed to assess the health of our housing market is not available in Canada, and without […]

Renovations demand flexible financing choices – Consult with a Vancouver Mortgage Broker

Fourth in a series. Whether you are selling your home, buying a new one or simply planning to stay put, renovations will at some point likely become a part of your financial planning. You may decide to renovate to get your house ready to put on the market and perhaps increase the selling price. You […]

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