Category Archives: Personal Finance

Toronto Residents Forced to Rent

The Department of Finance seems to be getting its wish of reducing the amount of mortgage debt, but is it in the best interest of Canadians?  MLS data revealed that the number of Toronto condos leased in the first quarter of this year soared by over 31 per cent compared to the same period last year.  Alternatively, the number of new Toronto condos sold in the first quarter of this … Read More

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Mortgage Experts in Demand

In a report released by RBC Capital Markets, its estimated that 55% of Canadians get their mortgage from a mortgage expert while the remaining 45% choose to secure their mortgage through a bank branch representative.  Although bank branch representative are authorized to offer mortgages, it’s only one of a multitude of products they are expected to know and offer.  Mortgage experts on the other hand, focus solely on mortgages, a … Read More

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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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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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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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Can You Afford a Home?

The Minister of Finance is concerned that too many Canadians are buying a home even though they shouldn’t.  His concern is that unqualified homeowners will eventually default on their mortgages bringing down the market and the economy in an American style collapse. This is a valid concern and the message has made its way to the Canadian public.  A recent survey conducted by Maritz Research for CAAMP show that a … Read More

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Let the Mortgage Rate Wars Begin

The clear sign of a mortgage rate war is when Bank of Montreal (BMO) starts advertising a 2.99% 5 year fixed mortgage rate.  Although current bond yields don’t support such a low mortgage rate we are entering the critical spring season that can make or break a bank’s annual lending target. The tightened mortgage rules have done their job and pushed many potential buyers out of the market and scared … Read More

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