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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I have access to mortgage products from over twenty five different lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
6 MONTHS TO A BETTER BUDGET
One of the challenges with proper budgeting is that ithas to become habitual in order to be effective. You can survive withoutknowing how to budget if you manage to keep more money coming in rather than goingout or have credit cards to cover the gap, but this won't last forever. EmergencyFund The crux of this six-month plan is the emergency fund.Ideally, everyone should have at least one or two months' wages sitting in a moneymarket account for any unpleasant surprises. This emergency fund acts as abuffer as the rest of the budget is put in place, and should replace the use ofcredit cards for emergency situations. You will want to build your emergencyfund as quickly as possible. The key is to build the fund at regular intervals,consistently devoting a certain percentage of each paycheck toward it and, ifpossible, putting in whatever you can spare on top. What'san Emergency? You should only use the emergency money for trueemergencies: like when you drive to work but your muffler stays at home.Covering regular purchases like clothes and food do not count, even if you usedyour credit card to buy them. Downsizeand Substitute Now that you have a buffer between you and morehigh-interest debt, it is time to start the process of downsizing. It’s odd that the naturalsolution to not enough money seems to be increasing income ratherthan decreasing spending, but this backwards approach is very familiar to debtcounselors. The more space you can create between your expenses and yourincome, the more income you will have to pay down debt and invest. This can bea process of substitution as much as elimination. For example, if you buycoffee from a fancy coffee shop every morning, you could just as easilypurchase a coffee maker with a grinder and make your own, saving more moneyover the long term. Focuson Rewards Another trick that will help your budget come togetherfaster is to focus on the rewards. A mixture of long- and short-term goals willhelp keep you motivated. This can be as simple as saving for a small luxury, oreven something bigger like buying a car with cash. Watching these goals slowlybut surely become a reality can be very satisfying and provide further motivationto work harder at your budget. FindNew Sources of Income Why isn't this the first step? If you simply increaseyour income without a budget to handle the extra cash properly, the gains tendto slip through the cracks and vanish. Once you have your budget in place andhave more money coming in than going out, you can start investing to createmore income. Now, it is possible that it will take you more than sixmonths to get your budget balanced out as it all depends on your situation,including how much or what kind of debt you have. But, even if it does take youlonger than six months to get your budget turned around, it is time well spent.
PROMISES, PROMISES AND MORE PROMISES
Canadas Parliament re-convened today with a ceremonial Speech from the Throne delivered by the Governor General.
Canadas continued response to the COVID-19 pandemic took centre-stage, while providing a lens for a plethora of broader promises: an extension of the wage subsidy, expanded employment insurance, investments in childcare, reaffirmed commitments to universal pharmacare, and green infrastructure investments among many others.
Given the exhaustive list of priorities, this Speech is unlikely to bring the minority government down as it provides plenty of hooks for negotiations in the lead-up to a Fall update where details will be laid out.
It clearly signals more fiscal spending ahead for Canada leaving the question not if but how much. But this was largely channeled ahead, so the market reaction has been mutedor more likely, it is eclipsed by broader US and global developments.
There is little beyond lip service by way of fiscal restraint. This will be left to the Finance Minister to make inevitable trade-offs in her first budget this Fall, particularly as she may need to reserve some firepower for second waves.
Source: Scotiabank https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-throne-speech--september-23--2020-.html
Home affordability improved in Q2 2020
Housing affordability in Canadas large urban centres improved in the second quarter of 2020 after having deteriorated in the two prior quarters. Higher incomes helped in Q2 but the largest portion of the improvement came in the form of lower interest rates. Indeed, the latter declined 19 basis points in the quarter, reflecting the easing from the central bank. Combined, income and mortgage rates were more than enough to offset the increase in home prices. Still, the decline in interest rates on a quarterly average basis does not completely reflect the change in 5-year mortgage rates since the beginning of the COVID-19 pandemic. The February to June decline in mortgage interest rates was a much more significant 41 basis points. Looking ahead, the preliminary data for rates shows additional improvements in the third quarter of the year (cumulatively they are down over 70 bps). While we expect this to help affordability, home prices should remain resilient based on the latest resale market data showing record sales volumes. Homebuyers have rushed back to the market after having delayed purchases and are now being offered record-low interest rates. Once pent-up demand is exhausted, the Canadian housing market will still have to face high levels of unemployment and reduced household formation due to lower immigration.