Smith Manoeuvre is alive and well

onathan Chevreau, Financial Post Oct. 5, 2011 While the creator of the eponymous Smith Manoeuvre, Fraser Smith, is sadly no longer with us, the tax-savings movement he spawned is very much alive and well in Canada. Born in 1938, Smith died of cancer on Sept. 25 at age 74. His “manoeuvre” was and is a […]

Seniors taking on debt at alarming pace

Second properties and flashier cars are driving senior citizens into escalating levels of debt, a TD Economics paper says. Many people 65 years old and older are borrowing to buy vacation and investment properties at a time of continued low interest rates and low returns on other investments, says the TD Economics paper released Tuesday. […]

Low rates could spur mortgage rule changes

David Pett  Sep 8, 2011 With Canadian interest rates now on hold for some time to come, the government may move to tighten mortgage rules again to keep the already hot housing market from bubbling over, says the chief economist of Canada’s biggest bank. “As we go forward in an environment of lower rates for longer […]

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 […]

RBC Signals That VRMs Too Costly

RBC, the nation’s biggest mortgage lender, has cut its variable rate discount by 0.20 percentage points. The change is effective tomorrow. That lifts its advertised variable rate from 2.35% (prime – 0.65%) to 2.55% (prime – 0.45%). Given that lenders travel in packs, it’s likely that some other banks and non-banks will follow suit and reduce their […]

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 […]

Sale of broker book marks industry maturity

By Vernon Clement Jones The transfer of an established portfolio from one broker to another is offering encouragement to industry veterans convinced their years of service to the client have a significant and very tangible value. “We bought the database,” said Mindy Small, one of two partners at Summerside Mortgages – The Mortgage Centre, in […]

Home ownership trumps renting in personal finance stakes

Owning the roof over your head should still be a goal for most Canadians as paying rent is like paying someone else’s mortgage, experts say. The Bank of Canada gave its clearest signal so far this week that interest rates are set to rise, while a growing number of real estate watchers and some economists […]

The mortgage game With rates predicted to rise, should you lock in, or take a risk and how much should first timers spend?

With anticipated interest rate increases on the horizon, many homeowners are wondering whether to lock debt such as mortgages and secured lines of credit into a fixed-rate mortgage or stay variable. Even some who are mortgage free are concerned with how rate increases will impact secured lines of credit, the financing of vacation homes and […]

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