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Wednesday, July 13th, 2016

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 […]

Condo choices not always an apples to apples comparison

Will an apple a day keep the condo investor in play? A Toronto developer trying to bring the concept of urban growing to Calgary thinks an apple orchard in the middle of two towers might be the next amenity condo buyers appreciate. “I don’t think people will buy a condo to be next to an […]

Not so fast kids, you may not get the family cottage – ask a Vancouver mortgage broker

Children hoping to inherit the family cottage may be in for a surprise, says a British Columbia financial institution. BlueShore Financial surveyed 498 of its clients between July 7 and 14 and found among those who own cottages 61% don’t plan on passing the property on to their children. Chris Catliff, the president and chief […]

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 […]

Household debt worries ease as pace of mortgage borrowing slows in May: study – Consult with a Vancouver Mortgage Broker

Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability. The RBC paper notes that overall household debt accumulation remained flat-lined at 4.2 per cent growth in May, about the same level as the previous three months. Outstanding mortgage debt […]

CMHC cutting back on what it covers with mortgage default insurance – Ask a Vancouver Mortgage Broker

Canada Mortgage and Housing Corp., the Crown corporation that controls the vast majority of mortgage default insurance in the country, says it plans to get out of the market for second homes and is adding restrictions for self-employed Canadians. Effective May 30, CMHC said it will discontinue insuring second homes and will require self-employed Canadians […]

Young Canadians see buying a house or condo as a wise investment: RBC poll – Ask a Vancouver Mortgage Broker

TORONTO — More young Canadians believe owning a home is a very good investment, according to a new RBC home ownership poll. It says 86% of those aged 25-34 believe owning a house or condo is a solid investment, up from a reading of 78% last year. RBC says that attitude is also reflected in […]

Canadian first-time home buyers’ budget rises to $316,000, 6% more than last year – Consult with a Vancouver Mortgage Broker

TORONTO — A Bank of Montreal report on first-time home buyers says the average budget has increased to $316,100. That’s up nearly 6% from an average of $300,000 in last year’s report on first-time home buyers. The BMO study says a sample of prospective buyers in Vancouver, Toronto and Calgary had even higher budgets for […]

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