Category Archives: Blog

How to Pay Off a Mortgage in 10 Years

Debt loads in Canada are at all-time highs and nearing the peak levels reached in the US before their meltdown.  Although there’s been a lot of debate over the seriousness of the statistics and what steps should be taken, there is no question that each of us would like less debt.  Banks have been asking for tighter lending rules and Ottawa has been telling the banks to manage their own … Read More

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Mortgage Lingo 101

Although millions of Canadians hold a mortgage very few would consider themselves experts. The fact is that once a homeowner arranges a mortgage they soon forget their newly acquired expertise. It’s kind of like cramming for an exam and then forgetting the material soon after you pass the course.  After all, the average Canadian only touches their mortgage once every 3 years and many much less often then that. Presented … Read More

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The Hidden Pitfall in March’s Major Empoyment Gains

Employment numbers increased dramatically with March cranking out 82,300 jobs, surpassing economists’ expectations 8 fold.  This surge of new jobs pushed down the unemployment rate to 7.2%, its lowest rate since the recession began over 3 years ago.  This is obviously good news for the economy and is another clear signpost to naysayers that Canada is not only out of its recession, but bouncing back better than expected. Any significant … Read More

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Scotiabank Has the Right Idea

While some banks are looking for Ottawa to manage their mortgage business for them, Scotiabank has the right idea and understands that Canadian lenders are obligated to manage their own portfolios.  At Scotiabank’s annual meeting on Tuesday, Rick Waugh, the bank’s chief executive officer said “it’s up to the banks themselves – not government or regulators – to manage our risks and advise our customers appropriately.” Scotiabank stands apart from … Read More

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Fixed Mortgage Rate Outlook – April 2012

The Five year fixed mortgage rate has increased by 0.25% over the past week and is no longer flirting with the infamous 2.99% mark.  Although the popular 5 year fixed mortgage rate will continue to move erratically, the outlook for the next 6 months is a slight increase of 0.10% to 0.25%. The 5 year fixed mortgage rate is driven by the 5 year bond rate.  These bonds have bounced … Read More

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Variable Mortgage Rate Outlook – April 2012

The forecast for variable mortgage rates remains flat, just as it was last month, and the month before that.  Variable mortgage rates float with a lender’s prime rate of interest, which is tied directly to the overnight rate set by the Bank of Canada.  In a speech today in Waterloo, Mark Carney, the Governor of the Bank of Canada said “All indicators point to inflation expectations remaining well anchored”.  With … Read More

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