While buying a home is the biggest investment the average Canadian will ever make, many first-time home buyers still don’t take the time to perform sufficient financial due diligence before signing their offer to purchase. A recent survey commissioned by TD Canada Trust has found that the two biggest regrets include not saving for a larger down payment and not doing enough … Read More
Make the Right Investment in Your Home
Has owning your home become the new retirement savings plan? According to recent statistics, more and more Canadians are investing in their home rather than their RRSP. While half of Canadians haven’t contributed to their registered retirement savings plan, close to 70 percent of households currently own their own home. It’s an interesting shift, and one that could prove extremely … Read More
What To Do When Housing Prices Fall
It appears as though the seemingly infinite rise of Canadian housing prices has finally come to an end. After years of marvelling at record breaking list prices and historically low mortgage rates, the tides have finally shifted. Phrases like “cooling market” and “slow sales” are gracing national headlines, causing buyers and sellers alike to contemplate the repercussions. If we’re to … Read More
Why You Need an Emergency Fund When Buying a Home
You wouldn’t go skydiving without a parachute, or walk across a tightrope without a safety net, yet thousands of people buy homes in Canada each year without an emergency fund safely tucked away in the bank. When you take out a mortgage with no savings, you’re flirting with disaster. An unexpected job loss, drop in income, home repair, medical situation … Read More
Bank Holds Overnight Rate at One Percent
The overnight rate held steady yesterday as the Bank of Canada announced that it would maintain its traget of 1 percent. This leaves the prime lending rate at 3 percent. It’s now been more than two years since the prime rate has increased, giving variable rate mortgage holders the upper hand on higher interest costs.