CMHC Released their annual report last week, Tuesday May 8th. The Canadian Mortgage and Housing Corporation continues to be an integral player in contributing to the stability of the Canadian marketplace. In 2011, spending on housing accounted for a whopping 20 per cent of Canada’s GDP last year and CMHC provided $2 billion in support of housing programs. Here’s a summary of the report.
READ MORE
Say goodbye to the penny, hello to more cross border shopping and anyone over 54 should get ready to wait longer for their old age security benefit. The Federal Government has delivered a budget that can be described as slow and steady, with some unique changes weaved in. Finance Minister Jim Flaherty is cutting $5.2 billion in spending over the next 3 years in hopes that Canada can dig itself out of deficit by 2015.
READ MORE
So you scrimped and saved to build up a down payment nest egg; got pre-approved for a mortgage; went to all those open houses and viewings; made some offers – probably lost out on some bidding wars; and, finally, bought a place. Congratulations. Now here’s a list of all the additional costs you’re about to face on top of the price you paid for the house.
READ MORE
CMHC is given permission to insure up to a limit of $600-billion. That threshold is slowly approaching and concerning some mortgage brokers and real estate experts. They say this could adversely affect smaller lenders and consumers in the short to medium term.
READ MORE
There are a handful of clever financial moves out there that you can pull to work existing banking and tax rules. Using your RRSPs to pay down your mortgage is one of them. It’s known as a self-directed mortgage. It’s not a commonly used trick, but one that might suit you if you’ve got more socked away in retirement savings than you have left on your mortgage.
READ MORE
