Avoid Homeownership Shock

Avoid Homeowner Shock

This week, we’re all about the worst-case scenario. It’s not that we’re trying to be pessimistic; it’s about being a savvy homeowner and preparing financially for the unexpected. Homeownership is full of twists and turns, from emergency (and expensive!) renovations, to selling on a whim. Read on for our guide to protecting your biggest investment… and your bank account.

Is It a Good Time to Sell Your Home?

Canadian housing prices have steadily increased over the past few years – could they be close to the peak? Those who bought during softer market conditions are likely tempted to make a tidy return on their home’s value appreciation – but is it worth the time, risk and potential costs? Gordon Powers explores whether current housing conditions are truly a seller’s market.

Read Gordon’s Blog | Is It a Good Time to Sell Your Home?

Lessons Learned From My First Major Home Renovation

It’s a homeowner’s worst nightmare: an urgent repair or renovation that costs tens of thousands of dollars. Could your finances withstand such a budget-busting surprise expense? MoneyWise contributor and new homeowner Sean Cooper shares his first experience paying for emergency renovations – and how he managed them financially.

Read Sean’s Blog | Lessons Learned From My First Major Home Renovation

Home Buying Challenges For Immigrants

Many newcomers to Canada are keen on home ownership, and try to enter the market as soon as they can. However, a lack of credit history can mean paying higher-than-average mortgage rates. Pro poster Pracheer Saran sheds light on the argument for buying vs. renting, and why his own family chose to take the homeownership route.

Read Pracheer’s Blog | Home Buying Challenges For Immigrants

Can’t Make Your Mortgage Payment? You Do Have Options

It’s every homeowner’s worst nightmare; an unforeseen financial crisis renders you unable to pay your monthly mortgage payment. A recent survey finds 61% of Canadians don’t know what to do in this situation – but you DO have options.

Read Allan’s Blog | Can’t Make Your Mortgage Payment?

Would RRIF Reform Help Canada’s Retirement Crisis?

RRSPs are a great way to save tax-free for retirement – and RRIFs are meant to be a way to provide income steadily through the golden years. However, with seniors living longer than ever, it’s argued that existing RRIF withdrawal rules pose the risk of running out of money.

Read Sean’s Blog | Would RRIF Reform Help Canada’s Retirement Crisis?

Canadian Credit Cut Fears: A Concern Or Political Play?

This week, Federal Finance Minister Joe Oliver stated fears of a possible Canadian credit cut, should Ontario continue to carry a deficit. Should Canadians be wary of a potential hit to their cost of borrowing – or is this just a pre-election political play?

Read Rubina’s Blog | Canadian Credit Cut Fears: A Concern Or Political Play?

NEW CMHC Restrictions: New Rules For Low-Ratio Mortgages

It seems hardly a week goes by this spring without a new announcement from Canada Mortgage and Housing Corporation – another slew of changes were announced today, targeting multi-unit developers and low-ratio mortgage borrowers.

Read Penelope’s Blog | NEW CMHC Restrictions

#RSMWIN – Extended!

We’ve extended our extra-special #RSMWIN Q by another week! There’s still time to enter to WIN our $300 grand prize, or one of two $50 runner up prizes. Tweet us, or visit us on Facebook with the hashtag #RSMWIN to join!

 Weekly Link Lineup

Dummy discounts: Why “2-for-1″ and “2 for $5″ discounts offer less savings than you think – learn more about this sneaky retailer trick. Via Gail Vaz-Oxlade

Exploring the income gap: Did you know – the world’s wealthiest 1% is as rich as the bottom $3.5 billion? Wealth disparity has been a societal factor since ancient times – check out this history of rich vs. poor, and how it has evolved in a capitalist environment. Via Bobby Finance

Retirement isn’t about age: It’s a misconception that retirement and old age go hand-in-hand – really, retirement should be about dollars earned. An interesting perspective. Via My Personal Finance Journey

Related Topics

Mortgage News / Mortgages

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