Less Canadians are treating their homes like an ATM. The report by the Canadian Housing and Mortgage Corporation (CMHC) says, since new stricter rules were brought in last year by Finance Minister Jim Flaherty, refinancing activity of insured mortgages has dropped by 40%.
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In January of this year, Jim Flaherty, Canada’s minister of finance, announced that new mortgage and HELOC restrictions were to come into effect in March, 2011. The purpose of the new restrictions was to help curb consumer debt, which was said to be rising at an alarming rate. So have Flaherty’s restrictions brought the stability he sought, or are consumers only sinking deeper into debt?
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An important piece to getting your financial house in order this season is setting a new spring budget. Here are five steps to help get you started:
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Along with daylight savings and nicer weather, home renovation season is fast approaching, and in hopes of saving the cost of hiring potentially expensive contractors and labourers, more and more people are choosing to take the Do It Yourself (DIY) route.
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Now that the kids are back in school and the holidays are around the corner, it may be a good time to tackle those projects you were putting off all summer; projects you may have been putting off because your …
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