We’re paying off mortgages faster than thought

TORONTO – A new report suggests that Canadian homeowners are paying down their mortgages faster than they’re being given credit for. CIBC deputy chief economist Benjamin Tal says homeowners are taking advantage of record-low interest rates to accelerate their mortgage payments, and shorten their amortization periods. The CIBC World Markets study says that homeowners are […]

Canada housing starts cool in August, seen slowing further

TORONTO — Canadian housing starts cooled more than expected in August, while the previous month was also revised slightly lower, data showed on Tuesday, setting the stage for what is widely expected to be a slowing housing market as 2014 draws to a close. A report from the Canada Mortgage and Housing Corp showed the […]

How to make Canada’s low inflation work for your money – Ask a Vancouver Mortgage Broker

ROB CARRICK–  The Globe and Mail The economic situation today is as good as it gets for your household finances. Inflation’s low at just a bit above 1 per cent and wage increases average about 2 per cent. “Statistically speaking, we’re doing better,” said Benjamin Tal, deputy chief economist at CIBC World Markets. “But don’t […]

Is using your RRSP to buy a house passé? – Ask a Vancouver Mortgage Broker

The $25,000 Ottawa allows you take out of your retirement fund to buy your first home sure doesn’t go as far as it used to. Under the home buyers’ plan, Canadians can take $25,000 out of their registered retirement savings plan and pay it back over the next 15 years without incurring any penalty. For […]

The rising tide of home ownership may have finally met its match – Ask a Vancouver Mortgage Broker

Maybe there is one temptation out there to get Canadians to stop buying homes. Cheaper rent. Women the new ‘wildcard’ in the condo market The growing number of women buying condos might be creating a paradigm shift in the industry that planners didn’t expect. Find out more Anyone sitting on the sidelines considering whether to buy […]

Home shoppers, don’t rush to buy just to lock in a cheap mortgage – Consult with a Vancouver Mortgage Broker

ROBERT MCLISTER– Special to The Globe and Mail The idea that low mortgage rates are gone forever sent Canadian home shoppers into a panic this summer. Thousands rushed to use their rock-bottom pre-approved mortgage rates and buy a home, contributing to a20 to 50 per cent spike in sales last month in Canada’s biggest housing markets. But […]

Why there’s no reason to panic about rising rates – Consult with a Vancouver Mortgage Broker

Garry Marr | More from Garry Marr | @DustyWallet There is a simple answer to all this hysteria about mortgage rates going up. Don’t lock in your rate. I know it’s almost heresy to have a floating rate in a mortgage world dictated by Finance Minister Jim Flaherty, who thinks nothing about calling up the banks and telling them […]

High credit card rates costing Canadians a fortune- Consult with a Vancouver Mortgage Broker

High credit card rates costing Canadians a fortune Interest rates have never been lower. Banks are falling over themselves to loan money to people to buy houses – with rates as low as 2.99%. The low rate environment has got so bad the finance minister asked the banks to stop engaging in so-called mortgage wars. Should […]

Need motivation for cutting debt? Look stateside

The debt problems of the global financial system are your problems. So pay down your credit card, credit line and mortgage. Making your household balance sheet tidier has the fortunate spillover effect of saving our economy. From what? Just look at what’s happening in the United States: The housing market is a disaster, weak consumer […]

You better buy a house in this market before it’s too late.

Garry Marr, Financial Post · Jun. 22, 2011 | You better buy a house in this market before it’s too late. How many times have you heard those words? The panic thinking is driven partially by prices continuing to rise to record levels but also by the sense that near-record-low interest rates could rise at […]

Next Page »