Category Archives: Blog

Non-Mortgage Debt Still Rising

In a report released last week, Equifax revealed that consumer indebtedness increased year over year by 3.9% to $500.8 billion.  Now that we have fewer home refinance options, balances are increasing for bank installment loans, lines of credit and auto loans.  Although modest increases are to be expected, a 3.9% increase is almost double our economic growth rate. Mortgage debt, which is normally considered the only good debt has been … Read More

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The Problem with Low Mortgage Rates

Anyone with a mortgage is happy to hear that mortgage rates are dropping. With today’s ultra low mortgage rates we’re even happy to hear that they’re just staying the same. Low mortgage rates mean low monthly payments and we’re all happy to have a little extra money each month. The problem with low mortgage rates is that they’re the result of an anemic economy with a weak outlook. An anemic … Read More

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Debt Can Dampen your Love Life

The government of Canada has taken a keen interest on your debt levels, and so has that cutie down the hall.  High levels of consumer debt can lead to financial instability especially if interest rates rise or employment is lost.  The government wants to ensure the country’s economic stability, but that cutie is looking for some stability of their own.  According to a new survey by dating site Match.com, 94 … Read More

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Fixed Mortgage Rate Forecast – April 2013

Fixed mortgage rates are at record lows and aren’t expected to go anywhere for at least the remainder of 2013.  Mark Carney’s final economic forecast, released earlier this week, cuts the 2013 growth outlook and predicts that our economy won’t hit full capacity for at least 2 more years. Although variable mortgage rates and fixed mortgage rates are governed by different economic levers they have one thing in common – … Read More

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Variable Mortgage Rate Forecast – April 2013

The Bank of Canada (BOC) maintained it’s target for the overnight rate at 1% this morning.  The net result is that there is no change to the prime rate of interest until their next announcement date which is scheduled for May 29th.  This is good news for variable mortgage rate holders and for those with home equity lines of credit.  Equally important as today’s interest rate decision is the language … Read More

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Housing Market Beginning to Thaw

Recent indicators point to a thawing of the Canadian housing market.  The government induced deep freeze is beginning to lift as evidenced by month over month activity increase and a year over year average price increase. National sales activity rose in March by 2.40% compared to the previous month.  Although activity declined by 15.3% from the same month last year, the 2.40% reveals a positive trend that’s expected to continue … Read More

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RBC Blunder Benefits Competition

The Royal Bank of Canada (RBC) was recently exposed outsourcing jobs to foreign workers at the expense of Canadian employees. What was especially abhorrent was the fact that they were prepared to lay off existing long term employees in favor of the cheap labour.  The images and tears of the affected employees on national television attracted government attention and called for an immediate response from RBC.  Other than decrying the … Read More

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TD Understands Ottawa’s Position – Give Me A Break!

Ed Clark, the CEO of Canada’s second largest bank supports Jim Flaherty’s recent move to prevent banks from competing on low mortgage rates.  In a statement after yesterday’s annual shareholder meeting Mr. Clark remarked “I think we understand his concern, we’ve been an advocate all along”. In March Mr. Flaherty took the controversial step of contacting 2 of Canada’s banks, warning them against offering low mortgage rates.  Mr. Flaherty was … Read More

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Is Applying Online Safe?

The internet is fast becoming an integral part of our lives.  It’s evolved from an information source to a place where we now make buying decisions and purchases.  In fact, many consumers now prefer the convenience, selection and speed of delivery of internet transactions over the traditional store experience. One of the online laggards financial services transactions.  This is likely to change however as the internet generation comes of age.  … Read More

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Qualifying for Condos

First time buyers need to know what price range they can afford, both in terms of personal choice and mortgage approval purposes.  What they don’t often realize is that the condo fees can make or break their ability to purchase. The condominium market has grown rapidly especially in the Toronto and Vancouver urban markets.  The benefits of not having to maintain the outside of your home, the peace of mind … Read More

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