We’re in full RRSP season and many Canadians wonder what the best option is between lump-sum payments every winter and monthly withdrawals. Contributing to you RRSP has several advantages: aside from the obvious retirement savings, RRSP contributions are deductible and can be used to reduce your tax. An RRSP also gives you a certain degree [...]
RRSP season is here! Use the first 60 days of the year to max out contributions to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund. There are several advantages in maxing out your contributions to your RRSP. All of the income you earn in the [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has [...]
The trend measure of housing starts in Canada was 198,053 units in December compared to 200,105 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly [...]
The following is an excerpt of an article written by VERICO’s Economic Consultant Michael Campbell and published on the VERICO blog. Read the full article on the VERICO blog There is no pressure in Canada to raise rates says VERICO Economist, Michael Campbell. "While 3rd quarter economic growth was good, the recovery in energy in the [...]
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were down on a month-over-month basis in November 2016. Highlights: National home sales fell 5.3% from October to November Actual (not seasonally adjusted) activity remained 1.6% above levels in November 2015 The number of newly listed homes edged down 0.4% [...]
This morning B.C. Premier Christy Clark announced the Home Owner Mortgage and Equity (HOME) Partnership program. Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years. Here [...]
Are you thinking about moving in together? This decision might be an opportunity to improve your financial situation by combining your income and expenses and doing some long‑term planning. Advantages of a relationship Being a couple is bound to have an impact on your income and expenses. Living under the same roof is much less [...]
The share of foreign ownership in condominium apartments remains low in major Census Metropolitan Areas (CMAs). This analysis is the result of combined insight from two Housing Market Insight reports released by Canada Mortgage and Housing Corporation today — a national look at foreign ownership and a second report delving deeper into Montréal. National Report Highlights - Foreign [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Economic data suggest that global economic conditions have strengthened, as the Bank anticipated in its October Monetary Policy Report [...]
(NC) Between spending more time inside warming up from the cold, hosting holiday parties, and fewer daylight hours, it's no wonder our energy bills skyrocket during the cooler months. Do some good for your wallet and the environment with these winter energy savings tips. 1. Curb holiday costs. All that extra entertaining over the holiday season [...]
Half of Canadians who plan to purchase a home think they will only need to cover the down payment to move in. The “closing costs” however, can add as much as another four percent of the total purchase price of the home. Closing costs can include: - legal or notary fees - land registration fees [...]
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in October 2016. Highlights: - National home sales rose 2.4% from September to October. - Actual (not seasonally adjusted) activity was up 2.0% year-over-year (y-o-y) in October 2016. - The number of newly listed [...]
In 2012, the Parliament of Canada proclaimed each November as Financial Literacy Month (FLM), to promote financial literacy for Canadians of all ages and help them learn how to manage their personal finances. This year's theme is “Managing money and debt wisely: It pays to know!”. Cropped view of a senior woman receiving help [...]
I was invited to the CBC to discuss the Mortgage Rule Changes on October 19, 2016. I am the first major segment of the program. I hope you find the information to be of value. I can be reached at 905 334 9111 to discuss these things directly. Here is a link to the interview [...]
The year is coming to an end and it might be time to start thinking about the new year’s resolutions. A popular one for homeowners is remodeling their house or apartment, whether they want to put it on the market or they simply want to make it more livable and fall in love with it [...]
Jivan Sanghera was invited to discuss the best mortgage rates available and falling interest rates on CBC's the Exchange. Please click the link to view the interview. If you would like to know the current rate specials feel free to call direct at 905 334 9111
The CBC invited Jivan to discuss the potential of a Real Estate Bubble in Canada, and how there are attempts to cool the housing market. Please click the link to view the interview. If you are looking for information on the Mortgage or Real Estate market feel free to add us to twitter @jivansanghera or [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. The global economy is expected to regain momentum in the second half of this year and through 2017 and [...]
According to statistics released last week by The Canadian Real Estate Association (CREA), national home sales edged slightly higher in September 2016 compared to August. Highlights: - National home sales edged up 0.8% from August to September. - Actual (not seasonally adjusted) activity in September rose 4.2% year-over-year (y-o-y). - The number of newly listed [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Global growth in the first half of 2016 was slower than the Bank had projected in its July Monetary Policy [...]
According to statistics released this week by The Canadian Real Estate Association (CREA), national home sales declined for a third consecutive month in July 2016. Modern Houses Highlights: • National home sales fell 1.3% from June to July. • Actual (not seasonally adjusted) activity came in 2.9% below July 2015. • The number of newly listed [...]
The trend measure of housing starts in Canada was 201,936 units in July compared to 197,847 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly [...]
The Housing Market Assessment (HMA) analytical framework provides a comprehensive and integrated view that relies on a combination of signals from a number of indicators to assess housing market conditions in several metropolitan areas across Canada, and for Canada as a whole. In this HMA, CMHC is raising its overall assessment for Canada from a [...]
The following is an excerpt of an article written by VERICO’s Economic Consultant Michael Campbell and published on the VERICO blog. Read the full article on the VERICO blog What impact will the 15% foreign property tax have on the market? Virtually nothing if the concern is affordability. There’s no evidence to suggest that foreign buyers [...]
Home prices across Canada are set to jump this year as interest rates are kept near record lows by economic uncertainty from the U.K. referendum to leave the European Union, according to brokerage Royal LePage. The average house price will rise 12.4 percent from 2015 to C$563,000 ($434,000), the highest year-over-year forecast from a real estate [...]
The Bank of Canada just announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Inflation in Canada is on track to return to 2 per cent in 2017 as the complex adjustment underway [...]
The trend measure of housing starts in Canada was 197,918 units in June compared to 190,302 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. June saw housing starts pick up increased in Canada, especially in [...]
The following is an excerpt of the Economic Update for Q3 2016 released by VERICO’s Economic Consultant Michael Campbell. Read the full report on the VERICO blog The biggest immediate impact of the UK vote and the rise of anti-EU parties will be on the currency markets because the euro will no longer be [...]
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2016 and 2017. Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of [...]
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales dropped in May 2016 after having set an all-time monthly record in April. Highlights: - National home sales dropped 2.8% from April to May - Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015 - The number of newly [...]
Going green at home is a great way to save the environment while saving money on your home. Also, thinking green throughout the year can offer some significant benefits. Here are 6 money saving tips that benefit your wallet and the environment. 1. Insulate well A good insulation will keep your house cool in the summer and [...]
(NC) You've bought a tool belt and are ready to go. For many, one of the joys of home ownership is renovating the property to improve its appearance, for better use of space, and also to protect the investment. Before you start, however, there are some important considerations. While it's common practice to buy insurance [...]
On May 30, 2016, Canada Mortgage and Housing Corporation (CMHC) released its first quarter financial results as well as supplemental data on the Corporation’s Mortgage Loan Insurance, Securitization, and Covered Bonds business activities. Report Highlights - During the first quarter, CMHC provided mortgage loan insurance for over 83,000 units across the country. - Total [...]
The Bank of Canada announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. The current rate is expected to stay where it is well into 2017, depending on economic conditions in the United [...]
Canada Mortgage and Housing Corporation (CMHC) released this week the Housing Market Outlook - Canada Edition for the Second Quarter of 2016. The economic and housing report provides an outlook for the housing market reflecting the evolution of risks since the fourth quarter of 2015. Here are some highlights from the report. Housing Starts On an [...]
According to statistics released by The Canadian Real Estate Association (CREA), the number of homes sold in Canada in April 2016 hit a new record. But while sales rose to their highest level ever, supply shrank, particularly in the Toronto area. The number of new homes put up for sale slipped 3.7 per cent from a year [...]
(NC) Interior design trends continue to straddle the outdoors – and nowhere is it more exciting than in this year's designs for the perfect patio oasis. No matter whether your outdoor space is large or small, there are now more options than ever to replicate the comfort and beauty found inside our homes with the [...]
(NC) They both start with the letter 'd', and they both require a large sum of money to secure the purchase of a home. However, a 'deposit' and 'down payment' are very different. “A lot of my first-time home buying clients ask me what the difference between a deposit and down payment is,” says Ray [...]
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales posted their third monthly increase and broke all previous monthly records. The number of homes trading hands via Canadian MLS® Systems rose by 1.5 percent month-over-month to set a new all-time record in March 2016. Though sales edged lower in Greater [...]
The following is an excerpt of the Economic Update for Q2 2016 released by VERICO’s Economic Consultant Michael Campbell. Read the full report on the VERICO blog. At last count I’ve seen or heard 2,463 warning since 2012 about the coming collapse in Vancouver and Toronto’s housing markets. We’re still waiting. Forgive the glibness but [...]
The Bank of Canada announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Growth in the global economy is expected to strengthen gradually from about 3 per cent in 2016 to 3 1/2 per cent in [...]
As expected, the Federal Budget is largely focused on the delivery of the Liberal government’s election platform commitments. The Budget is well designed to support the middle class, the previously announced middle class tax cut and related measures, investments in a range of infrastructure projects, social housing, and additional support for low-income seniors. In addition, the [...]
It’s estimated that 9.6 million baby boomers are in Canada today and they have long been the segment to pay attention to. But there is another demographic as big as – if not even bigger than – the Boomers: the Millennials, or the Gen Ys. This group has not been clearly defined yet, with no [...]
According to statistics released by The Canadian Real Estate Association (CREA), national home sales recorded a second consecutive month-over-month increase in February 2016. The number of homes trading hands via Canadian MLS® Systems rose by 0.8 percent in February 2016 compared to January. The monthly increase lifted national sales activity to the highest level since June [...]
Since the dawn of the internet, there have been scammers looking to take advantage of personal information online. With the popularity of Facebook, Twitter, Instagram and other new social sharing sites, it is important to be aware of how much information we share, and with whom. With so much personal information out there, scammers can [...]
With Canadian monetary policy taking a backseat to fiscal stimulus, Fed rate hikes being delayed until later in the year and oil prices appearing to have bottomed out we’ve strengthened our near-term forecast for the Canadian dollar. Indeed, it’s now likely that the loonie has seen the worst of the depreciation, even if it has [...]
If you are thinking contributing to your RRSPs, here are a few things to consider before the Feb 29th deadline. When do you want to retire? It's never too early to start planning for retirement. If you are in your 20's you may want to opt for more aggressive funds because your investments will have [...]
In January the Teranet–National Bank National Composite House Price Index™ was down 0.1% from the previous month, a second consecutive monthly decrease. A January decline has happened only three times in 17 years. For the first time in 11 months, prices were down on the month in seven of the 11 metropolitan markets surveyed: Montreal [...]
In the 12 months to January, employment increased by 0.7% (+126,000). Over the same period, the unemployment rate rose from 6.6% to 7.2%, as the labour force grew at a faster pace than employment. There was little change in both full-time and part-time employment in January. However, compared with 12 months earlier, full-time work increased by 172,000 (+1.2%) while part time was little changed. [...]