It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
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Keep it Simple
Keep it simple when buying a houseSpring is here, which means increased activity in the real estate market. If you are thinking of buying a house, keep these simple tips in mind.Decide whether the time is right for you to buy – “If you currently own a house, you should buy and sell at the same time, which will help ensure you don’t sell low and buy high,” explains Chartered Professional Accountant Eli Palachi, a partner with Crowe Soberman LLP in Toronto. “If you are a first-time purchaser, try to buy when you can secure low mortgage rates so that your monthly cash outflow is lower.”Determine what you can afford – “Establish a budget that includes the cost of the new house and then try living with that budget for a while to make sure you won’t become financially strapped and end up house rich and cash poor,” advises Chartered Professional Accountant Albert Yu, a sales representative with RE/MAX Hallmark Realty Ltd. in Toronto. “Mortgage rates are at historically low levels these days. But keep in mind that every one-per-cent increase in interest rates means you can buy 10-per-cent less house.” Yu says your budget should also include other costs, including a rainy day fund that covers three to six months’ worth of expenses, retirement savings and a children’s education fund. Your Chartered Accountant can help you set up a realistic budget and help with decisions on how to finance a house purchase.Don’t forget to factor in the hidden costs – “In addition to the price of the house itself, your other costs include legal fees associated with closing the sale, adjustments for property tax and utilities, the land transfer tax, mortgage fees, house appraisal fees and moving,” says Palachi. “If you are buying a bigger house, you may also have higher insurance costs.”Shop around for the best mortgage rate – “Speak to several banks to see what their rates are,” says Palachi. “It doesn’t hurt to get an idea of what competitive rates are, and banks don’t charge a fee or commission for securing financing. Your CA can also introduce you to mortgage officials at the bank.” If you are going to shop around for rates, Yu cautions against signing several applications that would result in a credit check. “Your credit score will decrease if too many checks are done at once,” he explains.Make the biggest down payment you can afford – “You must pay at least 20 per cent of the purchase price down to avoid a high-ratio mortgage and paying one-time Canada Mortgage and Housing Corporation premiums,” explains Yu. A larger down payment will also lower your monthly payments.
Bank of Canada maintains overnight rate target at 1 ¾ per cent
The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 per cent.
Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report (MPR). While the sources of moderation appear to be multiple, trade tensions and uncertainty are weighing heavily on confidence and economic activity. It is difficult to disentangle these confidence effects from other adverse factors, but it is clear that global economic prospects would be buoyed by the resolution of trade conflicts.
Many central banks have acknowledged the building headwinds to growth, and financial conditions have eased as a result. Meanwhile, progress in US-China trade talks and policy stimulus in China have improved market sentiment and contributed to firmer commodity prices.
For Canada, the Bank was projecting a temporary slowdown in late 2018 and early 2019, mainly because of last years drop in oil prices. The Bank had forecast weak exports and investment in the energy sector and a decline in household spending in oil-producing provinces. However, the slowdown in the fourth quarter was sharper and more broadly based. Consumer spending and the housing market were soft, despite strong growth in employment and labour income. Both exports and business investment also fell short of expectations. After growing at a pace of 1.8 per cent in 2018, it now appears that the economy will be weaker in the first half of 2019 than the Bank projected in January.
Core inflation measures remain close to 2 per cent. CPI inflation eased to 1.4 per cent in January, largely because of lower gasoline prices. The Bank expects CPI inflation to be slightly below the 2 per cent target through most of 2019, reflecting the impact of temporary factors, including the drag from lower energy prices and a wider output gap.
Governing Council judges that the outlook continues to warrant a policy interest rate that is below its neutral range. Given the mixed picture that the data present, it will take time to gauge the persistence of below-potential growth and the implications for the inflation outlook. With increased uncertainty about the timing of future rate increases, Governing Council will be watching closely developments in household spending, oil markets, and global trade policy.
The next scheduled date for announcing the overnight rate target is April 24, 2019. The next full update of the Banks outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.
Young people not in employment, education or training: What did they do in the past 12 months?
Young people (aged 15 to 29) who are not in employment, education or training (NEET) are often considered to be more vulnerable than their peers, as they may face a risk of becoming disengaged or socially excluded, and could miss out on gaining skills or experience in the labour market.
While Statistics Canada has previously examined the characteristics of the NEET population,1 this is the first study to examine the main activities of NEET15- to 29-year-olds over a 12-month period using Labour Force Survey (LFS) data. 2 Among the activities to be analyzed are going to school, working, caring for children, and volunteering both as a main and secondary activity.
Overall, there were 6.9 million young people aged 15 to 29 in Canada in September 2018. Of those, 4.0 million were non-students (57.8%), while 2.9 million were students 3 (42.4%). Both categories (students and non-students) are then divided into the employed and the not employed. The NEET population consists of all non-students who are not employed: in September 2018, 779,000 people were in this category (11.3% of the total population aged 15 to 29).
Those aged 25 to 29 comprised the largest proportion (46.8%) of young people who were NEET during the LFS reference week, followed by 20 to 24 (36.9%), and 15 to 19 (16.2%). While NEET individuals were slightly more likely to be female (52.1%) than male (47.9%) overall, those aged 15 to 19 were a few percentage points more likely to be male, and those aged 25 to 29 were similarly likely to be female.
Of young people who were NEET in September 2018, 34.5% were unemployed (looking for work and available for work), and 65.5% were inactive (not looking for work). While each of these groups may be at risk of falling behind their peers on work experience, this concern is generally greater for those who are inactive, as they may face challenges entering or re-entering the labour force.
Both male and female NEET individuals were more likely to be inactive than unemployed, though the share of women that were out of the labour force (72.2%) was greater than the share of men (58.2%).