Buying a home just got a bit trickier for many Canadians. The CMHC has announced the most recent changes to hit the housing market, targeting self employed buyers and those looking to purchase a second home or cottage. Not sure how these changes will affect you? Check out this week’s comprehensive coverage.
In other mortgage news, looks like variable rate owners can breathe easy for years to come, as BoC Governor Stephen Poloz confirms Canada will enjoy record low interest rates until at least 2016. Has there ever been a better argument to go variable?
CMHC Axes Second Home and Self Employed Mortgages
The Canada Mortgage and Housing Corporation is discontinuing its Second Home and Self Employed mortgage products, forcing these niche buyers to adhere to stricter qualification requirements, and limiting their financing options. Will you be affected by this latest change to hit the mortgage market?
Read Penelope’s Blog | CMHC Axes Second Home and Self Employed Mortgages
Pro Post: 4 Tips to Bust Tax Procrastination!
The Canada Revenue Agency has extended the 2013 tax deadline to May 5th – but that’s not stopping many from procrastinating until the last second. Still having filed your taxes? Accountant pro Amir Azami shares his top tips for getting into gear in this special edition guest post.
Read Amir’s Blog | 4 Tips to Bust Tax Procrastination
Financing a Pre-Construction Condo
Thinking of buying a home from a blueprint? Purchasing a pre-construction condo or house offers many pros and cons. While buyers can truly customize their abodes to their hearts’ desire, there may be a few surprises in store once the unit is actually built. As well, mortgage seekers will find themselves saving for longer, as the minimum 5 per cent just won’t cut it on a pre-construction purchase.
Read The Housing Block’s Blog | Financing a Pre-Construction Condo
Low Interest Rates to Last for Years: Stephen Poloz Speech
Bank of Canada Governor Stephen Poloz gave a speech this week in Saskatchewan, forecasting that central interest rates will remain low, even as Canada’s economic situation improves. Canadians should take the opportunity to pay their debt levels down in this low rate environment, while it’s still cheap to do so.
Read Rubina’s Blog | Low Interest Rates to Last for Years
New Mortgage Rules Make it Tougher to Buy a 2nd Home
Looking to buy a second property, cottage, or co-sign for another buyer? Under the latest round of CMHC changes, you can’t if you already have an existing high-ratio mortgage. Here’s how these new rules could affect you.
Read Gordon’s Blog | New Mortgage Rules Make it Tougher to Buy a 2nd Home
Look Beyond Sign Up Bonuses – BMO World Elite MasterCard Review
Huge sign up bonuses are the latest favoured incentive used by credit card companies to tempt new signups. But do these travel cards truly offer great value? The BMO World Elite MasterCard wins across the board with big sign up perks, travel insurance, and everyday value. Check out our review.
Read Penelope’s Blog | Look Beyond Sign Up Bonuses
Banks Should Do a Better Job Teaching Financial Literacy
Who’s to blame for low financial literacy in Canada? The big banks should do a better job teaching Canadians about money management, according to a recent survey.
Read Sean’s Blog | Banks Should Do a Better Job Teaching Financial Literacy
Pension Spotlight: Are Target Benefit Plans the Answer?
The federal government has unveiled target benefit plans, a new type of pension that splits risk between the employer and employee.
Read Sean’s Blog | Are Target Benefit Plans the Answer?
This week, we asked our Twitterverse,
Are you worried about your online banking security as the result of the Heartbleed Bug?
63% – YES
36% – NO
Weekly Link Lineup
Buying a home? Skimping on the land survey can prove to be a pricey mistake. Ellen Roseman shares how the unexpected can cost thousands later on. Via The Toronto Star
Why you should close on a Wednesday: Little-known real estate secrets for getting the smoothest home buying experience. Via The Toronto Star
Financial Savvy 101: University or college is a time of learning – and that should include financial literacy, as new grads embark in the adult world for the first time. Via My University Money
Who should pay on the first date? A recent Reddit poll finds 44% of women are bothered when asked to split the bill, while 64% of men believe they should contribute. Via Young & Thrifty
Don’t flip out over renos: Embrace the gymnastics of house flipping to top the house value podium. Via Golden Girl Finance