Planning the next move – whether in real estate or other investments
Canadian TSX and real estate prices have dropped substantially in value in the first three quarters of 2022. American indexes fell into bear-market territory earlier this year, some shedding more than 25 per cent of their value Meanwhile, inflation, currently at 7.0%, has been putting the squeeze on our budgets, and the Bank of Canada just […]
Do you have either parents, family members or trustworthy close friends to pool resources and purchase a home together given the high cost of real estate and cost of financing?
Here’s what you need to consider when combining purchasing power and splitting carrying costs with either parents, friends, or other family members. All of the potential co-owners should have a discussion about their finances and life goals as this will impact how the partnership plays out. Do all of the co-owners have stable incomes and […]
Bank of Canada raises the key interest rate by three-quarters of a percentage point, bringing it to 3.25 %
The Bank of Canada has raised its policy rate five times in 2022, to 3.25 per cent today. Bank of Canada has stated borrowing costs need to rise to bring inflation back to target of 2% from the current rate of 7.6%. In theory, higher interest rates discourage spending on goods and services, which reduces demand and lowers […]
Bought a house within the last 3 years? – What to do now to keep it!
For 14 years until 2022, Canadians enjoyed low interest rates and if you owned a house, it rapidly gained value. Facing a combination of higher living costs and rising debt payments, home-owning young families are the demographic with the most money stress today. Falling home prices could mean you may owe more on your mortgage […]
New Tax-Free First Home Savings Account coming in 2023 geared towards Millennials and Gen Zs!
You have most likely heard already that First-time homeowners would be able to contribute a maximum of $40,000 over their lifetime to this account which we will refer to as FHSA, at a maximum of $8,000 per year. This means that the maximum could be contributed to in five years, starting in 2023. We do not […]
Bank of Canada Rate Increase
The Bank of Canada has raised its policy rate for the fourth consecutive time in 2022, bringing it to 2.5% from a pandemic low of 0.25%. The Bank has stated borrowing costs need to rise quickly to more normal levels to bring inflation back to a target of 2% from its current high of 7.7%. […]
Take a closer look at the new Residential property flipping rules coming into effect in 2023 for all those with rental properties, investment homes or are “flipping properties”. The Canadian tax rules distinguish between a capital gain, which is currently 50% taxable, and income gains, which are fully taxable. The principal residence exemption is a […]
Helpful tips for First time home buyers and their Parents in a rising rate environment
Your down payment is the most critical component for first time homebuyersDown payment is the most important consideration before you look to purchase your first home. Once ready for home ownership, meet with a mortgage broker to discuss your down payment options and buying power before shopping for a home. You want to save more […]
Bank of Canada overnight rate rises to 1.5%￼
The Bank of Canada has raised its policy rate three times in 2022, to 1.5 per cent today from a pandemic low starting in March of 2020 of 0.25 per cent. Bank of Canada Deputy Governor Toni Gravelle stated borrowing costs need to rise quickly to more normal levels to bring inflation back to target of […]
Economic update for June 1st, 2022
Bank of Canada overnight rate rises to 1.5% The Bank of Canada has raised its policy rate three times in 2022, to 1.5 per cent today from a pandemic low starting in March of 2020 of 0.25 per cent. Bank of Canada Deputy Governor Toni Gravelle stated borrowing costs need to rise quickly to more normal […]