Real Estate

Buying a home, especially for the first time, is an exciting venture, but once you’ve been pre-approved for a mortgage amount and found the perfect property you’ll need to make a decision on the right mortgage for you. When my parents bought their first home here, after immigrating to Canada in the mid 1960’s, their…

Whether you’re buying a home or looking to renew your mortgage, you’ll need to choose between a fixed or variable rate mortgage.  That choice has become more difficult lately as the spread narrows between fixed and variable rates. Ever since prime rate bottomed out at 2.25% back in April 2009 most of us predicted interest…

I’ve made a lot of money mistakes over the years.  One of my biggest regrets was getting in over my head as a first time home buyer. It was 2003 and, although the real estate market had been stagnant for years, the Alberta housing boom was about to begin. Getting in over my head The…

One of top priorities for many Canadians is to pay off their mortgage early.  A recent survey showed that current homeowners believe they’ll be mortgage free by the time they’re 55, which leaves a short window of opportunity to ramp up their savings before retirement. To reach mortgage freedom faster, you can capitalize on today’s…

Fixed or variable?  Long or short?  Whether you’re a buying your first home or renewing your mortgage, finding the right mortgage term can be a difficult decision. The majority of homeowners opt for a five-year fixed term as protection against future interest rate hikes.  However, you’ll pay a premium for that peace of mind, both…

There’s a lot to like about buying a home in the suburbs instead of the city.  Houses are bigger and more affordable on the outskirts.  Arguably, the quality of life is better too.  Small communities have quality schools, low crime rates and plenty of amenities nearby, which is desirable when you’re raising a family. Related:…

There’s an important difference between how much house can I get approved for, and how much house can I afford?  Your mortgage payments should be low enough so you can take care of your monthly expenses, meet your savings goals and still have a bit of fun. Remember, it’s not just a mortgage payment you have…

Last month, the Bank of Canada issued a report highlighting the explosive growth of home equity line of credit use and mortgage refinancing in the past decade, which have surged from $8 billion in 2001 to $64 billion in 2010. Canadians appear to be using these loans for two main reasons.  They are either paying…

Owning a home is one of the cornerstones of building financial assets for most Canadians.  However, making mortgage payments for 20 to 35 years can take quite a bite out of your budget, even with low interest rates. It’s surprisingly easy to reduce the amortization – and the amount of interest paid.  When you pay…

Home ownership is considered a rite of passage for most adults.  Whether it’s a house or condo, people of all ages and stages in life want to own their own home.  Currently, 2 out of every 3 Canadian households own the home they live in. The challenge for many Canadians is the cost of buying…