11 Nov

Variable or fixed? It’s no contest

General

Posted by: Mike Hattim

ROB CARRICK Variable-rate mortgages are so over. Go fixed rate if you’re arranging or renewing a mortgage, and think hard about the four-year term. If you take in all the recent developments in the mortgage market, this is the most logical strategy. Variable-rate mortgages are being sold at the prime rate in many cases right now, which […]

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9 Nov

Small rate move would spell mortgage trouble for some Canadians

General

Posted by: Mike Hattim

STEVE LADURANTAYE A “sizeable minority” of Canadian mortgage holders would be unable to make their payments if interest rates were to increase as little as 1 per cent, according to a survey by the Canadian Association of Accredited Mortgage Professionals. In its annual report on the state of the Canadian mortgage industry, the trade group […]

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8 Nov

Canadian home value has doubled since 2000: report

General

Posted by: Mike Hattim

KELOWNA, B.C.— The Canadian Press Re/Max says since 2000, the average value of a Canadian home has doubled, rising from $163,951 to $339,030 in 2010. A report from the real estate organization says that billions spent in new construction, renovation and renewal have pushed up the average residential price in the country’s major centres. Re/Max also […]

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4 Nov

House prices to hold next year: CMHC

General

Posted by: Mike Hattim

STEVE LADURANTAYE — REAL ESTATE REPORTER The housing market may be a boring place for the next year, according to CMHC, as the number of starts remains near current levels and resale prices hold steady. In its fourth quarter market update, Canada Mortgage and Housing Corp. said mortgage rates would likely remain at historically low levels […]

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27 Oct

Canada’s economy goes on a slower path

General

Posted by: Mike Hattim

JEREMY TOROBIN Europe’s debt quagmire, a flagging U.S. rebound and slowing growth in China are taking the steam out of Canada’s economic outlook. Canada’s top policy makers said the country’s prospects for this year and next have deteriorated as a slowing global economy weighs on exporters and cuts into confidence at home. Consumer and business […]

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26 Oct

Sobeys, BMO get into discount banking

General

Posted by: Mike Hattim

By Dana Flavelle Canada’s second largest supermarket chain is now offering discount banking services, giving rivals like PC Financial and ING Direct a run for their money. Sobeys Inc. and BMO Bank of Montreal jointly announced a co-branded service Monday that they say will save the average customer $180 a year in bank fees. The […]

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25 Oct

Carney holds rate, cuts forecast for 2011, 2012

General

Posted by: Mike Hattim

JEREMY TOROBIN Bank of Canada Governor Mark Carney held his benchmark interest rate at 1 per cent Tuesday, chopping his domestic growth forecast for 2011 and 2012, amid a host of threats including a “brief recession” in the euro zone. In explaining the decision to leave borrowing costs alone for a ninth consecutive meeting, as expected, the […]

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25 Oct

How risky are Canadian bank stocks?

General

Posted by: Mike Hattim

By Ellen Roseman Shirley has a simple question: “Do you think an 86-year-old should be holding bank stocks? Do you think there is much risk to bank stocks?” Here’s my answer, starting with the second question first. There’s risk in holding any stock. You can lose money whenever pessimism about the economy or about specific […]

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20 Oct

Consolidate to save

General

Posted by: Mike Hattim

I get hundreds of letters every month asking me if it’s good idea to consolidate one’s consumer debt to their mortgage to save money on interest. The idea of having one single debt and one manageable monthly payment at a good interest rate seems like a no-brainer. But will it save you money? Since your […]

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