5 Secrets of Successful Savers

General Angela Calla 19 Jan

One of the most common questions is how someone can begin building financial security, especially when they’re still paying off loans or other types of debt. After interviewing dozens of successful savers over the years, …they tend to have the following five traits in common. With the exception of the last one, they are all […]

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HIGHER HOMEOWNER GRANT THRESHOLD PROTECTS TAXPAYERS

General Angela Calla 18 Jan

NEWS RELEASE For Immediate Release2010FIN0076-001622 Jan. 3, 2011 Ministry of Finance   VICTORIA – More than one million B.C. homeowners with homes valued up to $1.15 million may be eligible for the full homeowner grant amount as the Province raises the threshold by 10 per cent for the 2011 tax year.   “Raising the homeowner […]

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The impact of the mortgage changes

General Angela Calla 18 Jan

The changes coming into place in March are: 1. Amortizations are reduced to 30 years instead of 35 years 2. Refinancing only up to 85% instead of 90% 3. No longer insuring lines of credit The impact on a 350,000.00 mortgage 1. On amortizations approx $35 per month per 100k in mortgage in the example above […]

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Bank Of Canada leaves rates unchanged

General Angela Calla 18 Jan

Bank of Canada maintains overnight rate target at 1 per cent OTTAWA –The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding […]

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Changes to mortgage rules immediatly

General Angela Calla 17 Jan

Flaherty tightens mortgage rules Paul Vieira, Financial Post · Monday, Jan. 17, 2011 OTTAWA — Finance Minister Jim Flaherty unveiled changes Monday morning to mortgage lending rules that would see Ottawa stop backing home loans greater than 30 years and make it more difficult for households to use their property to access financing. The changes, […]

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Potential Changes to qualification on Condo’s

General Angela Calla 14 Jan

Sources say rules now being discussed would add 100% of condominium fees to the list of expenses that is measured against income to decide whether a buyer can afford a mortgage. – Brett Gundlock/National Post The federal government’s efforts to get tough on borrowing are now focused on the condominium sector, with new rules in […]

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Expect loonie to stay at par with US

General Angela Calla 13 Jan

  Flaherty: loonie will stay at par with U.S. thanks to “sound” fiscal situation   By Lee-Anne Goodman, The Canadian Press   WASHINGTON – The Canadian loonie will hover at parity with the U.S. dollar for some time to come, and deservedly so thanks to Canada’s economic strength, Finance Minister Jim Flaherty said Wednesday.   […]

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If you have outside debt, a line of credit may NOT be best

General Angela Calla 11 Jan

Home-equity loans surge twice as fast as mortgage growth: BoC Paul Vieira, Financial Post · Monday, Jan. 10, 2011 OTTAWA — Home-equity lines of credit surged 170% over the past decade, or twice the rate of mortgage growth, a Bank of Canada deputy governor said Monday as she acknowledged keeping interest rates low “create their […]

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2011 housing market should be resilient

General Angela Calla 7 Jan

  Housing market should be resilient in 2011 thanks to low interest rates: LePage   Sunny Freeman, The Canadian Press   TORONTO – The Canadian real estate market will follow a similar pattern this year as that seen in 2010 as buyers pull sales forward into the early months in anticipation of higher interest rates, […]

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Mortgage rates can rise regardless of the BOC

General Angela Calla 4 Jan

Canada Housing Trust reduces sales of mortgage bonds | Friday, 24 December 2010  courtesy of mortgage trends With the country’s second largest debt issuer reducing mortgage bond sales this year and looking to continue the trend next year, mortgages for consumers may become more expensive.   Canada Housing Trust, the financing arm of the nation’s […]

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