Global Economic Uncertainty Will Keep Canada’s Growth Moderate in 2012: RBC Economics

Central banks expected to keep interest rates low and maintain liquidity Canada’s net debt to GDP ratio the lowest among the G-7 Scope of European economic crisis widens – Europe expected to slip into recession TORONTO, December 6, 2011— After a turbulent year, Canada’s economy is set to grow by 2.5 per cent in 2012, […]

Canadians slowing down on borrowing amid economic uncertainty

David Paddon The Canadian Press TORONTO — There are signs that Canadian consumers have slowed down their borrowing this year, after peaking in the fourth quarter of 2010. A TransUnion analysis released Thursday found that average consumer debt, excluding mortgages, was $25,594 in the third quarter. That’s about where it has been throughout 2011, although […]

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.

Mortgage-Free Eventually: RBC Poll Finds Majority of Canadians Hope to Pay Off Their Homes by Retirement

A third of older Canadians with a mortgage will carry debt into their 70’s Half of Canadians think interest rates will stay the same in the next year TORONTO, November 17, 2011— Nearly three-quarters (72 per cent) of Canadians with a mortgage hope to bemortgage-free by the time they reach age 65, but one-third (33 per cent) […]

Planning Your Retirement- There is no Substitute

One of the best risk-adjusted investments you can make requires no commissions, no buying and selling, and no management fees. According to a new study from the Certified General Accountants Association of Canada, the boring old mortgage prepayment performs better than most common retirement savings vehicles, including RRSPs. “Single individuals and couples with no dependents […]

The Unlikely Retirement Savings Strategy

One of the best risk-adjusted investments you can make requires no commissions, no buying and selling and no management fees. According to a new studyfrom the Certified General Accountants Association of Canada (CGAAC), the boring old mortgage prepaymentperforms better than most common retirement savings vehicles, including RRSPs. “…Single individuals and couples with no dependents may be better […]

Is it time to lock into a fixed-rate mortgage?

It’s one of the most agonizing decisions homeowners make: Do you go fixed or variable? Mortgage, that is. The decision could end up costing – or saving – big bucks on what is often the single biggest purchase many will make. Research shows that, in the past, a variable-rate mortgage has been cheaper than a […]

B.C. lawyer tackles CIBC over mortgages

Garry Marr, Financial Post · Oct. 21, 2011 You just made the largest purchase of your life based on borrowing more than you ever have before. Are you really going to bother reading that 25-page contract with all the rules on your mortgage? The answer is usually no. The truth is you should. The ambiguity in […]

Less Broker in Your Broker

“There are lenders that are taking the brokering out of brokering” — IMBAPresident Albert Collu, via CMP That line is symbolic of what’s happening in our business. The face of mortgage brokering is changing. Lender policies meant to drive efficiencies are impairing brokers from doing their jobs. This is no more evident than with volume minimums. More […]

Bid your mortgage goodbye

With today’s low mortgage rates, now is a good time to look at ways to pay off your mortgage more quickly. Fixed versus variable savings, at a glance With a base scenario of a $300,000, 25-year amortization, five-year fixed-rate mortgage at 3.45 per cent and a monthly payment of $1,496.23, if you: – Pay $100 […]

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