CICA Debt Poll

CICA Determined to Become Expert in Personal Finance A study was recently commissioned by the Canadian Institute of Chartered Accountants (CICA)  to learn what Canadians do on a day-to-day basis to manage their finances. The study also wanted to  understand how much confidence Canadians have in particular financial activities.  The purpose was to determine how […]

Ottawa tightening mortgage rules; no more 30-year amortizations

The federal government is moving again to tighten the rules on mortgage lending in Canada amid growing concerns that the housing market is overhere The country’s biggest banks were caught off guard on Wednesday night as the Department of Finance prepared to clamp down on mortgages by reducing the maximum amortization for a government-insured mortgage […]

Banking watchdog backs off its get-tough approach to mortgage lending

By Susan Pigg Business Reporter Ottawa’s banking watchdog has backed down on one of its toughest proposals for reining in household debt — making sure that Canadians’ credit risk is evaluated every time they renew their mortgages. In an unusual “interim update” of tighter lending guidelines it hopes to issue this summer, the Office of the Superintendent […]

Should you tackle your small or large debts first?

KATHERINE SCARROW Globe and Mail Update When it comes to tackling debt, logic isn’t always at the forefront of our decision-making. According to a new research study, consumers routinely mismanage multiple debts, paying off small debts first even when larger debts have higher interest rates. “People want to wipe the books clean,” says Scott Rick […]

Nearly three-quarters (72%) of Canadians with a mortgage hope to be mortgage-free by the time they reach age 65,

Nearly three-quarters (72%) of Canadians with a mortgage hope to be mortgage-free by the time they reach age 65, but one-third (33%) of older Canadians (those over the age of 55) have 16 or more years left on their mortgage term, according to the latest RBC Housing Snapshot poll.

Canadians eye cheap Florida real estate

By Susan Pigg | Joe Waddell got the best cross-border bargain of his life last year — a three-bedroom, 1,700-square-foot condo for just under $120,000 (U.S.). The Fort Myers property is just 15 minutes from southwest Florida’s gulf beaches, within an easy drive of Miami nightlife and, better yet, about two hours from Disney World. […]

Fixed Rate Mortgages Closing the Gap on Historically Favoured Variable Rate: BMO Economics

BMO Economics report presents both sides of fixed vs. variable debate While historic trends favour variable, the current interest rate environment makes it a much closer call than ever BMO recommends Canadian home buyers ‘stress test’ their mortgage based on a higher interest rate TORONTO, September 9, 2011 – With interest rates hovering near record lows, many Canadians […]

Canadians Feel They Are in Better Debt Shape than Their Friends and Neighbours: RBC Poll

Younger Canadians feel most anxious about debt and are most likely to delay plans TORONTO, September 14, 2011— Three-quarters of Canadians (75 per cent) feel they are in better shape with their non-mortgage debt than their friends and neighbours and more than half (58 per cent) say they are happy with their current total debt situation, […]

Movin’ on up: more Canadians upgrading homes sooner

Movin’ on up: more Canadians upgrading homes sooner -2011 TD Canada Trust Repeat Home Buyers Report finds 7 in 10 repeat home buyers move earlier than they originally intended TORONTO (August 23, 2011) – Two-thirds of Canadian repeat home buyers are moving on to larger or more luxurious homes and many are moving earlier than […]

Mortgage debt threatens boomers’ retirement plans

Mortgage debt threatens boomers’ retirement plans Nearly half of Canada’s baby boomers are still paying down their mortgage and view their level of debt as an obstacle to reaching their financial goals. A poll released Wednesday by CIBC and conducted by Harris-Decima said that as the country’s largest demographic moves closer to retirement, 46 per […]

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