Three things to do with your money besides an RRSP – Ask a Vancouver Mortgage Broker

With the March 3 RRSP deadline fast approaching, you may be wondering whether you should join the herd and make that RRSP contribution in time to be able to claim the deduction on your 2013 tax return. Whether or not you decide to contribute to an RRSP this year depends on a number of factors, […]

Does it make more financial sense to own a condo or rent an apartment? – Ask a Vancouver Mortgage Broker

DAN BARNABIC Contributed to The Globe and Mail From The Condo Bible for Canadians, Everything you must know before and after buying a Condo, by Dan S. Barnabic. Copyright © 2013 by Dan S. Barnabic. Reprinted with permission of Neon Publishing Corp. Investing vs. Renting: “In Principal”For many people, it is more advantageous to own rather […]

10 things you should know about TFSAs – Ask Adil Virani, Vancouver Mortgage Broker

While many Canadians are focused on the looming RRSP deadline and maximizing contributions, it’s important that they don’t lose sight of an important alternative investment, a tax-free savings account. A major benefit of TFSAs is that money invested in them can grow tax free-for life, says Ahmad Dajani, vice-president of investments, guaranteed investment certificates and […]

Women the new ‘wildcard’ in the condo market – Ask a Vancouver Mortgage Broker

Megan Vickell is a new brand of condominium owner that people predicting a market crash may have forgotten to factor in. She’s young, single and ready to buy her first home. And, more importantly, she’s female — part of a growing demographic that just might be creating a new paradigm in the housing sector. A […]

How to determine if you are ‘house poor’ – Ask a Vancouver Mortgage Broker

How to determine if you are ‘house poor’ By Gail Johnson | Pay Day    About a quarter of Canadians spend too much on housing costs, Statistics Canada says. How can you tell if you’re house poor, aside from the fact that your bank account is hemorrhaging funds? To answer that question, dig deep, and we’re talking in your […]

How to reduce mortgage penalties – Ask a Vancouver Mortgage Broker

How to reduce mortgage penalties Backing out of a mortgage early? You probably won’t be able to avoid fees entirely, but you can limit them. A rise in interest rates appears imminent, so folks with big mortgages might want to lock in the current low rates now! But for some, that means getting out of an […]

Can you handle higher interest rates? – Consult with a Vancouver Mortgage Broker

Garry Marr  | @DustyWallet It may be stressful to think about it but higher mortgage rates are on the horizon. The questions for homeowners is whether they can handle a hike in interest rates. Bank of Montreal says consumers should stress test their mortgages a couple of ways, considering higher interest rates and a shorter amortization period. […]

More Canadians in debt, making lower monthly payments poll finds – Consult with a Vancouver Mortgage Broker

By: Linda Nguyen The Canadian Press A new poll suggests that more Canadians are in debt this year and taking longer to settle their accounts. The study released Wednesday by the Bank of Montreal (TSX:BMO) found that 83 per cent of Canadians surveyed admit to having some form of debt, an increase from 74 per cent a […]

First-time home buyers undeterred by mortgage rules, rates – Ask a Vancouver Mortgage Broker

Garry Marr |More from Garry Marr | @DustyWallet About two-thirds of first-time buyers say they’ll purchase a home as planned and are unaffected by new mortgage rules brought in by Ottawa a year ago, says a new survey. The findings come as the banks continue to increase long-term interest rates in the face of rising bond yields but […]

BMO Home Buying Report: First-Time Buyers Expect to Spend $300,000 on First Home with an Average Down Payment of $48,000

– On average, first-time buyers expect it will take them 20 years to pay off their mortgage – Report shows first-timers prefer a fixed rate to a variable rate mortgage by more than a 2:1 ratio – Report reveals how recent changes to Canadian mortgage rules have affected the timeline to buy for first-time buyer […]

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