Buying a house? Don’t go to the bank

I sold my property last week and I’m in a mad scramble to find a new home. With my wish list in hand and a pre-approved mortgage under my belt, I’m confident I’ll eventually find what I’m looking for. Much to the chagrin of my financial planner, a bank employee, I’ve decided to use an […]

Mark Carney repeats that the Bank of Canada may have to raise rates

OTTAWA — Bank of Canada Governor Mark Carney has said again that the bank may have to raise interest rates to keep inflation in check as Canada’s economic recovery advances. “Given the smaller output gap, given the slightly firmer underlying inflation, the possibility of withdrawal of some degree of the considerable monetary stimulus that is […]

Canadians getting the message on debt load, Carney says

JEREMY TOROBIN OTTAWA— From Wednesday’s Globe and Mail Canadian house prices are now almost five times higher than incomes, the latest illustration of why policy makers are worried about parts of the housing market. The average price is roughly 4.75 times the average income, Bank of Canada Governor Mark Carney said Tuesday, noting that the historical […]

Once again: Pay down your debts before rates rise

ROB CARRICK | Columnist profile | E-mail From Wednesday’s Globe and Mail The decade’s most ignorable piece of financial advice: Pay down your debts before interest rates rise. You’ve heard this warning a hundred times, you ignored it and rates held steady at historic lows. Now, the Bank of Canada is signalling that borrowing costs could rise if economic […]

Finding the right home, with or without Mr. Right

ANGELA SELF | Columnist profile Globe and Mail Update I have a single friend sitting on the fence between buying and renting. She’s financially ready to make the leap into homeownership, but hesitant about doing it solo in case she meets someone soon. Waiting for Mr. Right can derail a number of women’s homeownership plans, according to […]

Speedy economic recovery has Carney hinting of a rate rise

JEREMY TOROBIN OTTAWA— From Wednesday’s Globe and Mail Canada’s recovery is picking up faster than expected, forcing Mark Carney to set the stage for higher interest rates sooner than many overstretched consumers were bargaining for. The Bank of Canada Governor hinted at an earlier-than-anticipated rate increase as he boosted his outlook for the economy Tuesday and, […]

A reality test for would-be home buyers

ROB CARRICK | Columnist profile | From Tuesday’s Globe and Mail Never ask anyone who lends money if you can afford a house. Lenders care about their own money. Not yours. So while you’re thinking about how you’ll manage the cost of a mortgage and all your other living expenses, lenders seek the answer to one single question: How […]

Canadian real estate market a tale of two cities

ANDY HOFFMAN AND NICOLAS JOHNSON VANCOUVER AND TORONTO— From Tuesday’s Globe and Mail It’s a title Vancouver is more than happy to relinquish. Canada’s hottest real estate market is finally cooling off, new sales figures show, much to the relief of those who have grown weary of talk of a West Coast property bubble. At more […]

Fixed mortgages win over variable, says BMO economist Federal government may tighten mortgage rules

As the federal government warned it may again tighten mortgage rules, a Bank of Montreal economist says fixed mortgages “clearly trump” variable mortgages in today’s economy. There are two reasons for the change of heart by Douglas Porter, deputy chief economist at BMO: the intense competition among lenders and the economic recovery in the U.S. […]

Canada Household Debt: Majority Frets About What They Owe, But Still Think Others Are The Real Problem

With policymakers warning about rising household debt levels, a new survey shows that Canadians are both worried about what they owe, and in denial about how their debt compares to those around them. The seemingly contradictory conclusion was reported on Monday by the Toronto-based online mortgage comparison service 

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