Consumer Debt Hits A New High

EditorFinancial Tips, Household Budget, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

A report released this morning by TransUnion shows that, despite repeated warnings, Canadians are back on the borrowing bandwagon, pushing consumer debt to a new record high. According to the report, the average Canadian’s non-mortgage debt hit $26,221 in the second quarter of 2012, up $192 from the previous quarter. This is the highest per person debt level since the … Read More

Are Two Addresses Better Than One?

EditorFinancial Tips, General Interest, Household Budget, Investment Property, Mortgage News, Mortgage Types, Real Estate Advice, Residential Mortgages

Whether it’s a cottage in the Muskokas or a vacation home in Cabo, multiple homeownership is becoming more and more common among wealthy Canadians. Now, more than ever, Canadians are picking up secondary properties, many of them south of the border. While statistics are hard to come buy, numbers from the National Association of Realtors show that foreign buyers are … Read More

Understanding Amortization

EditorAbout Mortgage Brokers,, First Time Home Owner, Household Budget, Mortgage Types, Real Estate Advice, Residential Mortgages

A shorter amortization period can help you pay off your mortgage faster and save you money. Obvious? Perhaps. So why are more and more people choosing to stretch their amortization as long as possible? The recent changes to Canadian mortgage regulations that limit amortization periods to 25-years have caused a bit of tension across the country as families scramble to … Read More

Deciding on Debt: How the New Rules Will Impact Your Mortgage Hunt

EditorAbout Mortgage Brokers,, Household Budget, Housing Costs, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

Two things are clear about the current Canadian housing market. First, interest rates are going to go up. The Bank of Canada governor, Mark Carney, Finance Minister Jim Flaherty, and pretty much anyone involved in the banking industry has been warning of a hike, if not several, potentially before the end of the year. Second, the nation’s major banks have … Read More