If Canada’s household debt were evenly divided up between all Canadians, a family with two children would collectively owe $176,461. A bit of scary information, isn’t it? This statistic was recently revealed in a study conducted by the Certified General Accountants Association of Canada. Household debt, defined as the outstanding balance of household credit, including consumer credit ...
Posted by Paul Baron
on September 5, 2011
After Finance Minister Jim Flaherty announced new mortgage rules for 2011, many homeowners and prospective homeowners began to panic.
There are three changes that will take effect on March 18th of this year: Maximum mortgage amortization periods will be reduced from 35 to 30 years. The maximum borrowing limits for refinancing a mortgage will be reduced from 90 per cent to 85 per cent of the value ...
Posted by Paul Baron
on January 22, 2011
It’s the largest financial investment many will make in a lifetime. Entering into a mortgage is a responsibility not to be taken lightly. Preparation is key. Learning how to apply before taking the necessary steps will take a load off your shoulders and provide confidence in your decisions. Step 1: Inform yourself Fixed rates, variable rates, deposit and repayment plans, amortization—It’s ...
Posted by Paul Baron
on December 17, 2010